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2011 (2) TMI 1189 - HC - Income TaxDeduction under Section 80HHC - revenue submitted that the Tribunal committed a fundamental error in as much as they have not considered eligibility of the assessees for deduction under Section 80HHC with respect to the profit on transfer of DEPB benefit - Held that:- As the benefit is extended to exporters through an amendment by Finance Act, 2005 with retrospective effect from 01/04/1998 Tribunal has not considered the issue at all, appeals allowed by setting aside the orders of the Tribunal only on this issue and by restoring the matters to the Tribunal with specific direction to them to consider the eligibility of the respondent assessees for benefits under the proviso introduced and if the respondent assessees are found eligible then only to consider the question of computation of the relief by considering the judgment of CIT v. Kalpataru Colours & Chemicals [2010 (6) TMI 63 - BOMBAY HIGH COURT]. Expenditure on issue of bonus shares - Held that:- Issue stands decided against the Revenue in the decision in CIT v. General Insurance Corporation (2006 (9) TMI 116 - SUPREME Court). Following the above judgment of the Supreme Court, appeal dismissed
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