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Income Tax - Highlights / Catch Notes

Home Highlights December 2020 Year 2020 This

Deduction u/s 10B - activity the Assessee undertakes amount to ...


Court Rules Iron Ore Upgrading Qualifies as Manufacturing for Tax Benefits u/s 10B.

December 18, 2020

Case Laws     Income Tax     HC

Deduction u/s 10B - activity the Assessee undertakes amount to manufacturing or processing to entail it to the benefit or not? - True, very low-grade iron ore cannot be used in metallurgical plants, for it needs to be upgraded to increase the iron content. In the Assessee's case, iron ore concentrates are manufactured by the process of magnetic separation. It essentially amounts to ‘manufactures’ or ‘process’. - HC

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