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The word `production’ or `produce’ when used in juxtaposition with the word `manufacture’ takes in bringing into existence new goods by a process, which may or may not amount to manufacture. It also takes in all the byproducts, intermediate products and residual products, which emerge in the course of manufacture of goods. The conversion of Jumbo rolls of photographic films into small flats and rolls in the desired sizes amounts to manufacture/production for purposes of ss. 32AB, 80HH and 80I.
See Also: M/s B. G. Chitale vs. DCIT (ITAT Pune – Special Bench)
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