1999 (11) TMI 4

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....unal has referred the following question of law arising out of its order dated May 29, 1997, for the assessment year 1992-93: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in law in directing the Assessing Officer to allow deduction under section 80HHC in respect of export of blocks of granite, cut and polished to certain extent only, fo....

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....te blocks and of Rs. 46,390 on polishing thereof, had been shown. The Tribunal thus came to the conclusion that there was no doubt about the fact that the granite blocks actually exported by the assessee were cut and polished to some extent at least. By following its earlier order dated May 19, 1997, in I.T.A. No. 162/Bang of 1996, in the case of God Granites, therefore, the Income-tax Appellate T....

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....ls and ores'. This was the position until March 31, 1991. It was only with effect from April 1, 1991, the words 'other than processed minerals and ores specified in the Twelfth Schedule' were added by the Finance (No. 2) Act of 1991. Hence, until March 31, 1991, there was no question of claiming any exemption in respect of the profits from exports of minerals and ores. The only argument available ....

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....ct of the period after April 1, 1991. The Supreme Court has also recorded a finding that there was nothing on record to indicate that what the assessee exports is value added granite. The Supreme Court had there fore declined to examine the question. On the contrary in the present case there is a positive finding of the Tribunal that the assessee did in fact do cutting and dressing, including some....