https://www.taxtmi.com/caselaws?id=58013 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (CIT), ruling that the refining process of waste lubricating oil by the assessee did not amount to manufacturing a new marketable product. The ITAT determined that the refining process primarily removed impurities from the waste oil without creating a new identifiable product, making it a purifying process rather than manufacturing. Consequently, the investment allowance granted to the assessee was deemed erroneous and prejudicial to the Revenue's interest, leading to the dismissal of the appeal and denial of the investment allowance. en-us Fri, 06 Sep 1991 00:00:00 +0530 Wed, 15 Dec 2010 18:16:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58013 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (CIT), ruling that the refining process of waste lubricating oil by the assessee did not amount to manufacturing a new marketable product. The ITAT determined that the refining process primarily removed impurities from the waste oil without creating a new identifiable product, making it a purifying process rather than manufacturing. Consequently, the investment allowance granted to the assessee was deemed erroneous and prejudicial to the Revenue's interest, leading to the dismissal of the appeal and denial of the investment allowance. Case-Laws Income Tax Fri, 06 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58013