2007 (6) TMI 64

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....ase appeal is directed against the order of the Income-tax Appellate Tribunal dated 25.7.2003 made in ITA No.721/Mds/1994 raising the following substantial question of law: "Whether in the facts and circumstances of the case, the Tribunal was right in holding that the benefit of Section 80HHC is available for export of granites that were cut and polished?" 2. The assessee is engaged in excav....

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..... constitute manufacture.  Hence, the present appeal. 3. Heard both sides. It is fairly conceded on behalf of learned counsel for the appellant and the assessee that the question of law raised in this appeal is answered in favour of the Revenue by the decision in Gem Granites Vs. Commissioner of Income-tax [2004] 271 ITR 322. 4. The Apex Court in Gem Granites Vs. Commissioner of Income-....

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....ction (2) of section 80HHC in 1991 indicates the carving out of a specific class from the generic class of 'minerals and ores'. This means that, were it not for the exception, the specified processed minerals and ores would have been covered by the words 'minerals and ores'. It also indicates that, after the 1991 amendment, only minerals and ores subjected to the process of cutting and polishing w....