2011 (1) TMI 476 - PUNJAB AND HARYANA HIGH COURT - Income Tax

Head Note / Extract:
DEPB - Determination of deduction u/s 80HHC - deducting the face value of DEPB from sale price of DEPB for calculating profit u/s 28(iiid) and 28(iiie) - The same are covered by earlier order of this Court dated [2010 -TMI - 203399 - PUNJAB AND HARYANA HIGH COURT ]CIT v. M/s F.C. Sondhi & Company (P) Ltd., whereby the matter was remanded to the Tribunal - Accordingly, subject to the right of the respondent to move the Court if aggrieved, dispose of the said questions in same terms. Deleting the charging of interest under section 234D - chargibility of interest u/s 234D of the Act for the assessment year 2001-02, the said provision having been incorporated only w.e.f. 1.6.2003, the Tribunal was justified in holding that the same could not apply to the year in question - No interference is, thus, called for with the view taken by the Tribunal on this aspect. The said questions cannot, thus, be held to be substantial questions of law.