2004 (11) TMI 14 - SC - Income Tax

Held that extraction and processing of iron ore amounts to "production" within the meaning of the word in section 32A(2)(b)(iii) of the Act and, consequently, the assessee is entitled to the benefit of section 32A(1) of the Act. The question whether the High Court was correct in holding that the activity did not amount to "manufacture" is left open - Following the decision given by us in CIT v. Sesa Goa Limited, the special leave petitions of revenue are dismissed.