https://www.taxtmi.com/highlights?id=80395 The appeal addressed the scope of the terms "manufacture" and "production" u/s 80IA of the Income-tax Act. The court held that the conversion of blocks into polished slabs and tiles constituted manufacture, creating a new distinct commodity. This activity went beyond mere manufacturing, resulting in the emergence of a new product. Denying such activity as manufacturing u/s 80-IA would have dire consequences for the assessees, impacting their tax liabilities. The High Court's decision in favor of the respondents was upheld, granting them the benefit of section 80-IA. en-us Tue, 13 Aug 2024 07:08:05 +0530 Tue, 13 Aug 2024 07:08:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80395 The appeal addressed the scope of the terms "manufacture" and "production" u/s 80IA of the Income-tax Act. The court held that the conversion of blocks into polished slabs and tiles constituted manufacture, creating a new distinct commodity. This activity went beyond mere manufacturing, resulting in the emergence of a new product. Denying such activity as manufacturing u/s 80-IA would have dire consequences for the assessees, impacting their tax liabilities. The High Court's decision in favor of the respondents was upheld, granting them the benefit of section 80-IA. Highlights Income Tax Tue, 13 Aug 2024 07:08:05 +0530 https://www.taxtmi.com/highlights?id=80395