Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (3) TMI 9 - HC - Income TaxDeduction under section 80HHC of the Act in respect of “profit” on sale of DEPB - in the case of Topman Export it was held that face value of DEPB is chargeable to tax u/s 28 (iiib) at the time of accrual of income, that is, when the application for DEPB is filed with the competent authority pursuant to exports and profit in sale of DEPB representing the excess of sale proceeds of DEPB over its face value is liable to be considered u/s 28(iiid) at the time of its sale - Tribunal had followed Special Bench decision in Topman Exports which stands over ruled - order passed by the Tribunal set aside and remit the case back to the Tribunal to decide this appeals on merits after taking into account factual position – Appeal disposed off
|