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2012 (5) TMI 464 - HC - Income TaxAdmissibility of deduction u/s 80HHC when deduction u/s 80IA has been made - Held that:- If deduction u/s 80IA has been made, deduction u/s 80HHC was not admissible in view of Section 80IB (13) r.w.s. 80IA (9) of the Act. See CIT (Central), Ludhiana vs. M/s. Davinder Exports(2011 (4) TMI 96 (HC)) - Decided in favour of the revenue. Whether “Profit” or the whole amount of DEPB is to be excluded for computation of the deduction u/s 80HHC - Section 28(iiid) - Held that:- Apex court held in case of Topman exports (2012 (2) TMI 100 (SC)) that not the entire amount but the sale value less the face value of the DEPB will represent profit on transfer of DEPB. Difference between the sale value and the face value of the DEPB will fall under clause (iiid) of Section 28. Therefore, matter is remanded back to the AO to pass fresh order in accordance with aforesaid judgement.
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