THE COMMISSIONER OF INCOME-TAX vs M/S KRISHNA COOPER & STEEL ROLLING MILLS

The Supreme Court held that the manufacture of mild steel rods, bars, or rounds qualifies for a higher rate of development rebate under Section 33(1)(b)(B)(i)(a) and relief under Section 80-I of the Income-tax Act, 1961. The Court clarified that 'finished steel' includes products like rods and bars, which are distinct from semi-finished products such as billets and blooms. The Revenue's contention that these products do not fall under item 1 of the Fifth Schedule was rejected, affirming the lower courts' decisions in favor of the assessees.