2000 (12) TMI 7

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....e concerned with the assessment years 1983-84 and 1984-85 in this appeal against the order of a Division Bench of the High Court of Bombay. By that order, the following question was answered in the affirmative and in favour of the assessee : "Whether, on the facts and in the circumstances of the case and in law, the Tribunal was right of confirming the order of the Commissioner of Income-tax (A....

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....se raw diamonds are not the same thing as polished and cut diamonds. The two are different entities in the commercial world. Though the chemical composition remains the same the physical characteristics of shape and class, etc., are substantially different". It would appear that no material had been placed on the record before the Tribunal upon which it could have reached the conclusions that, eit....

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....aged in cutting and polishing raw diamonds for the purpose of export was engaged in the "processing of goods" to convert them into marketable form. The question that the High Court and we are here concerned with is whether, in cutting and polishing diamonds, the assessee manufactures or produces articles or things. There can be little difficulty in holding that the raw and uncut diamond is subj....