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SECTION 10B OF THE INCOME-TAX ACT, 1961 – EXPORT ORIENTED UNDERTAKING

September 19, 2024

Manufacture or produce : Where assessee was engaged in business of manufacturing pickles, spices, paste and chutney, since process of manufacturing pickles from raw vegetables and fruits, masala and other ingredients had different marketable commodities than raw materials which were a different value addition, and a new product emerged therefrom, assessee was eligible for deduction under section 10B – Income-tax Officer v. M.M. Poonjiaji Spices (P.) Ltd. – [2024] 166 taxmann.com 412 (Mumbai – Trib.)

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