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2011 (2) TMI 202 - HC - Income TaxProfit on sale of DEPB - By that judgment, the Special Bench of the Tribunal has held that the 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. Since decision in Topman Exports which stands over ruled in Commissioner of Income Tax Vs. Kalpataru Colours and Chemicals (2010 -TMI - 76895 - BOMBAY HIGH COURT), matter remanded for fresh decision.
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