https://www.taxtmi.com/caselaws?id=38910 The High Court of Kerala determined that the assessee was entitled to a higher rate of development rebate for engaging in the business of production or manufacture of iron and steel. The Court clarified that the conversion process undertaken by the assessee constituted manufacturing of iron and steel, qualifying for the rebate. It rejected the revenue's argument about the distinction between "iron and steel" and "iron and steel (metal)," affirming that the finished products were fundamentally iron and steel. The Court upheld the judgment in favor of the assessee, granting them the entitlement to the higher rate of development rebate under the Income-tax Act, 1961. en-us Tue, 06 Jul 1976 00:00:00 +0530 Tue, 20 May 2014 18:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38910 The High Court of Kerala determined that the assessee was entitled to a higher rate of development rebate for engaging in the business of production or manufacture of iron and steel. The Court clarified that the conversion process undertaken by the assessee constituted manufacturing of iron and steel, qualifying for the rebate. It rejected the revenue's argument about the distinction between "iron and steel" and "iron and steel (metal)," affirming that the finished products were fundamentally iron and steel. The Court upheld the judgment in favor of the assessee, granting them the entitlement to the higher rate of development rebate under the Income-tax Act, 1961. Case-Laws Income Tax Tue, 06 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38910