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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-Tax Act: Deduction for Export Profits Requires Granite to be Cut and Polished, Not as Raw Blocks.</h1> Section 80HHC of the Income-tax Act provides a deduction for profits from the export of goods, excluding minerals. The Finance Act of 1991 extended this benefit to processed minerals listed in the Twelfth Schedule, including 'cut and polished minerals and rocks.' Questions arose about whether this deduction applies to granite or rocks exported as raw blocks. The circular clarifies that to qualify for the deduction, rocks must be both cut and polished before export, aligning with the government's policy to promote exports with higher value addition and discourage low-value raw block exports.
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