Case Law Details
Pr. CIT Vs Lakesh Handa (Jammu and Kashmir High Court)
In the present case, the essential character has clearly undergone a change and this is the determinative factor. Gold in the raw form cannot be classified as jewelery or as an ornament. One of the main distinctive features being that raw gold or standard gold does not have the ability and character of being wearable whereas jewelery/ornaments are made for that specific purpose. Therefore, the end product of the process employed by the assessee is of a different and distinct commodity, commercially known as such in the market having a different name, character and use.
Consequently the processes employed by the assessee amount to manufacture. That being so, the benefit claimed under section 80-IB of the said Act cannot be denied to the assessee and the Income Tax Appellate Tribunal has accordingly correctly decided in favour of the assessee and against the revenue.
Full Text of the High Court Judgment / Order is as follows:-
Despite notice nobody appears on behalf of the respondent-Assessee.
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