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2012 (4) TMI 52 - HC - Income TaxNature of DEPB credit and premium received on transfer of DEPB – impact on eligible profits for section 80HHC – alleged non-satisfaction of conditions prescribed in the third proviso to Section 80HHC(3) - Held that:- DEPB credit falls under Clause (iiib) of Section 28, whereas the premium received thereon on transfer will represent profits chargeable u/s Clause (iiid) and the deduction u/s 80HHC has to be computed accordingly. It was held that only 90% of the “profits” can be excluded by applying Explanation (baa) below Section 80HHC – Decided in favor of assessee. Applicability of third proviso to Section 80 HHC(3) is not examined and have been referred back to the Assessing Officer.
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