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2012 (9) TMI 13 - HC - Income TaxReopening of assessment u/s 147 - disallowance of the claim under Section 80HHC on inclusion of sale of DEPB licence - Held that:- On determining the constitutional validity of the amendment of 2005 under Section 80HHC every assessee having turnover exceeding Rs.10 crores, for claiming entitlement of profits on sale of DEPB under Section 80 HHC, has to satisfy two conditions regarding availability of an option to choose either duty drawback or DEPB scheme and also that the duty drawback credit was higher than that available under DEPB. Exporters of cashew having no such option and the assessee having failed to produce any evidence, the claim made by the assessee was disallowed - against assessee.
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