2012 (6) TMI 65 - DELHI HIGH COURT

Premium received on sale of export quota - Taxability u/s Section 28(iiia) to 28(iiic) - Exemption u/s 80HHC - whether the premium received on sale of export quota is covered by Section 28(iiia) to 28(iiic) and accordingly, has to be included while computing the deduction as per the provisos to sub-Section (3) of Section 80HHC of the Act. - held that:- premium on sale of export quota is not covered by clauses 28(iiia) to (iiie) and, therefore, the same cannot be taken into consideration. - The question of law mentioned above, therefore, is answered in negative i.e. in favour of the appellant-Revenue and against the respondent-assessee.

Revision u/s 263 - held that:- The tribunal was wrong in holding that the order passed by the Commissioner of Income Tax under Section 263 was bad and contrary to the provisions of the Act. The question of law is answered in negative i.e. in favour of the Revenue and against the respondent-assessee.