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2012 (11) TMI 162 - ITAT, AHMEDABADDeduction u/s 80HHC in respects of DEPB entitlement - Held that:- As decided in M/s Topman Exports Versus CIT, Mumbai [2012 (2) TMI 100 - SUPREME COURT OF INDIA] only the profit on sale of DEPB is to be excluded from business profit for the purpose of computation of deduction allowable to the assessee u/s 80HHC and for the purpose of this computation of profit on sale of DEPB, face value of DEPB should be considered as costs of DEPB – Decided in favor of assessee.
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