Gold converted in jewelery/ ornament eligible for deduction U/s. 80-IB

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 dif

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