Tribunal held that clause (a) of S. 2(29BA) of the IT Act which defines “manufacture” is clearly satisfied as there is transformation of 24 Kt gold into new and distinct object; an ornament which has a different name, character and usage.(ITA No.336/Asr/2017) ( AY. 2013 – 14)
ACIT v. Deepak Kumar Handa (2018) 62 ITR 140 (Amritsar)(Trib.)
S. 80IB :Industrial undertakings – Manufacture- Conversion of 24 Karat Gold into 22 Karat Gold ornament amounts to manufacturing.[ S.2(29BA)]