1993 (6) TMI 42

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....e-tax Act, 1961, the Income-tax Appellate Tribunal, Ahmedabad, has referred the following two questions to this court : "(1) Whether, on the facts and in the circumstances of the case, the assessee is entitled to deduction under section 80-1 as well as higher rate of development rebate under section 33(1)(b)(B)(i) of the Act on the basis that it is a priority industry ? (2) Whether, on the facts....

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....assed an order disallowing the deduction and development rebate. The assessee carried the matter in appeal before the Appellate Assistant Commissioner who accepted the contentions of the assessee and allowed the appeal. Aggrieved by the order passed by the Appellate Assistant Commissioner, the Revenue preferred an appeal to the Tribunal but without any success. It, therefore, moved the Tribunal fo....

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....ld steel rods, bars and rounds manufactured by the assessee can be said to be finished forms of the metal and not articles made of iron and steel. Interpreting item No. 1, the Supreme Court held that the word "metal" in "iron and steel (metal)" is obviously not used to denote the metal in its pristine form as an ore or as an extraction from the ore. In the context of a manufacturing industry, it i....