2012 (2) TMI 546

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 2000-01 respectively, challenging calculation of deduction u/s 80-HHC in respect of following items: (i) interest income. (ii) holding that as per section 28(iiid) of the Act it is only the gross figure of profits arising on transfer of DEPB which are required to be reduced under clause (baa) of the Explanation of section 80HHC instead of netting off such gross amount by the amount of l .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 4. Since the Tribunal had simply followed Special Bench decision in Tompan Exports (supra) which stands over ruled, we set aside the order passed by the Tribunal in all these cases and remit the cases back to the Tribunal to decide these appeals on merits after taking into account factual position in all these cases. 3.1. Ld. counsel at the time of hearing contended that one of the si .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ame in accordance with law, by way of a speaking order after giving the assessee a reasonable opportunity of being heard. 4. In the result, the appeal of the assessee is allowed for statistical purposes. 4. Learned DR is heard on the issue. 5. We have heard rival submissions and gone through the relevant material available on record. Following the above order of the ITAT in the case .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X