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2012 (9) TMI 552 - SC - Income TaxProfits derived from export of granite - denial to claim deduction as per sub-section 1-B of Section 80HHC - AY 1988-1989 - Held that:- Answered against the assessee as decided in case of Gem Granites v. CIT [2004 (11) TMI 13 - SUPREME COURT] reading of the 1984 circular by holding that the circular expressly provided that polished and processed granite did not fall within the meaning of word "minerals" in 80HHC(2)(b) as it stood before 1991 - against assessee. Denial of Investment allowance on mining granite from quarries activities and exporting - cutting, polishing, etc. which does not tantamount to manufacture for the purpose of Section 32A - Held that:- Answered in favour of assessee as decided in case of Gem Granites v. CIT [2004 (11) TMI 13 - SUPREME COURT]
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