Section 80-IB Converting of gold bricks, biscuits or bars, into jewellery amounts to Manufacture

Shri Puneet Sehdev Vs ITO (ITAT Amritsar) The activity for converting gold bricks, biscuits or bars, into jewellery amounts to ‘production or manufacture of a new article. The gold, silver or platinum in bar, biscuits or brick form, is converted by manual labour and by the use of implements/tools or by machinery, culminating into an entirely new article/thing called jewellery or ornaments. Jewellery is a wearable item and is used by both men and women. Jewellery/ornaments in common parlance or in commercial terms has a distinct identity, treated as a new article and not the same as raw o...