Court held that considering the process which benzarone crude was subjected to for the purpose of converting it into benzarone pure as well as the fact that the benzarone pure was a distinct marketable commodity, different from benzarone crude which was not capable of being used as such, the conversion of benzarone crude to benzarone pure would fall within the ambit of the expression “manufacture or produce” as contemplated under section 10B. The Tribunal was, therefore, justified in holding that the assessee was entitled to deduction. However in respect of BFX-P was concerned, either before the Commissioner (Appeals) or even before the High Court. The chart referred to by the Commissioner (Appeals) in his order showed that except for the work-in-progress being shown as BFX-P, no further details had been provided regarding the final product or the chemical formula. In the absence of any material having been placed on record to indicate the process carried out on BFX-P, it could not be said that any process of manufacture or production had taken place so as to entitle the assessee to deduction under section 10B in respect of the product. Accordingly the Tribunal was not justified in allowing the deduction under section 10B of the Act in respect of BFX-P. ( AY. 2007 -08)