https://www.taxtmi.com/caselaws?id=38862 The High Court of Kerala determined that the products manufactured by the assessee, M.S. rods and steel sections, qualified as 'iron and steel (metal)' under the Income-tax Act, 1961. This classification entitled the assessee to a higher development rebate rate of 35 percent for the assessment years 1967-68, 1968-69, and 1969-70. The court rejected the department's argument that 'metal' in the schedule referred to production from raw materials like iron ores, emphasizing that the term did not limit the scope to initial stage manufacturing. The judgment favored the assessee, with each party bearing their respective costs. en-us Wed, 09 Apr 1975 00:00:00 +0530 Sat, 10 Apr 2010 10:28:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38862 The High Court of Kerala determined that the products manufactured by the assessee, M.S. rods and steel sections, qualified as 'iron and steel (metal)' under the Income-tax Act, 1961. This classification entitled the assessee to a higher development rebate rate of 35 percent for the assessment years 1967-68, 1968-69, and 1969-70. The court rejected the department's argument that 'metal' in the schedule referred to production from raw materials like iron ores, emphasizing that the term did not limit the scope to initial stage manufacturing. The judgment favored the assessee, with each party bearing their respective costs. Case-Laws Income Tax Wed, 09 Apr 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38862