Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (3) TMI 353 - HC - Income TaxExclusion of sale proceeds of DEPB licence in the computation of 80HHC deduction - Whether the Tribunal was right in remanding the issue back to AO based on the case of Topman Exports v. Income Tax Officer, (2009 (8) TMI 827 - ITAT MUMBAI) - revenue submitted that the decision of the Topman Exports was reversed by the Bombay High Court - Held that:- The decision of the Bombay High Court as appealed before Supreme court [2012 (2) TMI 100 - SUPREME COURT OF INDIA] disposed of appeal by directing the AO to compute the deduction under Section 80HHC considering DEPB has direct nexus with the cost of imports for manufacturing an export product, any amount realized by the assessees over and above the DEPB on transfer of the DEPB would represent profit on the transfer of DEPB and while the face value of the DEPB will fall under clause (iiib) of Section 28, difference between the sale value and the face value of the DEPB will fall under clause (iiid) of Section 28 – Decided in favor of assessee.
|