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2012 (10) TMI 784 - AT - Income TaxDeduction u/s 80HHC in respect of DEPB credits - Held that:- Following the order of ITAT in assessee’s sister concern case the issue about calculation of 80HHC in respect of DEPB credits is set aside and restored back to the file of Assessing Officer. Direction to AO to decided afresh in the light of the decision of Topman Exports Versus Income-tax Officer, (OSD), 14(2), Mumbai [2009 (8) TMI 827 - ITAT MUMBAI] wherein held that the face value of DEPB is chargeable to tax under section 28(iiib) at the time of accrual of income, that is, when the application for DEPB is filed with the competent authority pursuant to exports and profit on sale of DEPB representing the excess of sale proceeds of DEPB over its face value is liable to be considered under section 28(iiid) at the time of its sale - in favour of assessee for statistical purposes.
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