Finance Act, 1991

Mis. Gem Granites, an exporter of cut and polished granite, claimed a deduction under Section 80‑HHC of the Income Tax Act, 1961 for the assessment year 1987‑88. The issue was whether processed granite fell within the exclusionary clause "minerals and ores" in sub‑section (2)(b) of the provision as it stood before the …

Hero Exports, a trader exporter, earned export turnover from trading goods and additional income from export incentives, miscellaneous income and interest. It claimed that 10% of this other income should be treated as an expense attributable to the export turnover and therefore deducted from the indirect costs under se…

The assessee (Ghanshyam HUF) received enhanced compensation and interest from the Haryana Urban Development Authority for land acquired under the Land Acquisition Act, 1894, but omitted these amounts from its 1999-2000 return, arguing that they were in dispute in a pending appeal by the State. The Assessing Officer, CI…