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2017 (9) TMI 481 - HC - Income TaxDisallowing deduction u/s 80IB - Manufacturing activity or not - converting raw 24 carat gold into 22 carat gold ornaments - Held That:- the essential character has clearly undergone a change and this is the determinative factor. Gold in the raw form cannot be classified as jewellery or as an ornament .Therefore benefit claimed u/s 80IB cannot be denied. - ITAT is correct in allowing the same. - Decided in favor of assessee and against revenue.
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