Deductions u/s80HHC in case of cut and polished diamonds and gem stones.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... The tax concession is, however, not admissible in relation to export of, inter alia minerals and ores. 2. The Board has received a large number of a references on whether the export of cut and polished diamonds and gem stones will qualify for deduction under section 80-HHC. The Board are advised of the following features in the export of cut and polished and gem stones:- (i) No export of raw di .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e issued by licensing authorities for which the importer has to execute a bond with the Government of India for re-export after cutting and polishing within a prescribed time for a value worked out on a given formula. Detailed procedure in this regard is explained in the Import-Export policy. 3. In view of the position brought about by the above features the export of cut and polished diamonds an .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X