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2013 (10) TMI 473 - HC - Income TaxDeletion of addition made in respect of claim u/s 80HHC pertaining to DEPB – Held that:- Reliance has been placed upon the judgment of the Hon’be Supreme Court of India in the case of Topman Exports [2012 (2) TMI 100 - SUPREME COURT OF INDIA], wherein it was held that entire sale proceeds of Duty Entitlement Pass Book (DEPB) and Duty Free Replenishment Certificate (DFRC) are not to be treated as profit for working out deduction under section 80HHC of the Income Tax Act. It is also held that when DEPB is sold by exporter, his profit on transfer of DEPB would be sale value of DEPB less face value of DEPB (cost of acquisition of DEPB). Further held that face value of DEPB being cash assistance by Government under Section 28(iii-b) of Income Tax Act is not profit, and hence, it cannot be included as “profit” under section 28(iii-d) of the Income Tax Act – Thus, decided against the Revenue.
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