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2012 (8) TMI 669 - AT - Income TaxDenial of benefit of deduction u/s 80HHC on the DEPB/DFRC Licenses – Held that:- While disallowing the deduction the Assessing Officer, in view of amendment to section 80HHC with retrospective effect from 1.4.1998 held that the profit on transfer of DEPB received by the assessee is covered under clause (iiid) of section 28 of Income Tax Act - As regards DEPB – CIT upheld the action of the Assessing Officer observing that the assessee had not fulfilled the relevant conditions contained in 3rd provision inserted by Taxation Laws(Amendment) Act, 2005 – matter remanded to AO - appeal is allowed for statistical purposes
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