https://www.taxtmi.com/caselaws?id=37528 The High Court of Madras ruled in favor of the assessee company, holding that their manufacturing of M.S. rods falls within the definition of a 'priority industry' under the Income-tax Act, 1961. The court emphasized that as long as the essential character of iron and steel remains unchanged during the manufacturing process, products like M.S. rods would be classified as 'iron and steel.' This decision clarified the interpretation of 'priority industry' and highlighted the importance of maintaining the original character of raw materials in determining tax exemptions. en-us Fri, 27 Jan 1978 00:00:00 +0530 Tue, 30 Mar 2010 13:09:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37528 The High Court of Madras ruled in favor of the assessee company, holding that their manufacturing of M.S. rods falls within the definition of a 'priority industry' under the Income-tax Act, 1961. The court emphasized that as long as the essential character of iron and steel remains unchanged during the manufacturing process, products like M.S. rods would be classified as 'iron and steel.' This decision clarified the interpretation of 'priority industry' and highlighted the importance of maintaining the original character of raw materials in determining tax exemptions. Case-Laws Income Tax Fri, 27 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37528