No sec. 80-IB relief to manufacturer of polyurethane foam as it is specified under prohibited list

IT : Where assessee was engaged in manufacture of polyurethane foam [PT foam] in different shapes of automobile seats and it claimed deduction under section 80-IB contending that PT foam was used by it as a raw material for manufacturing automobile seats and, therefore, end product was automobile seats, since assessee simply produced foam seats and did not undertake any further process to change its original character as PT foam, said item was covered by Entry No. 25 of Eleventh Schedule to Act