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2014 (1) TMI 1265 - AT - Income TaxCondonation of delay – Deduction u/s 80HHC of the Act – profit on sale of DEPB licence - Held that:- The assessee was not guilty of negligence or such attributes in not filing the appeals before the Tribunal in time - In fact, the assessee-company has earnestly made a follow-up of its claim of deduction under section 8OHHC in respect of the DEPB - This is clear from the fact that the assessee has claimed deduction – Thus, it would be just and proper to condone the delay caused in filing the appeals – Delay condoned. The quantum of deduction available to the assessee under section 8OHHC in the light of DEPB is to be recomputed by the assessing authority as decided Topman Exports vs. CIT [2012 (2) TMI 100 - SUPREME COURT OF INDIA] - The assessee is entitled for the benefit to the extent explained by the Hon'ble Supreme Court – the matter is remitted back to the AO for re-computation quantum of deduction u/s. 80HHC of the Act – Decided in favour ofAssessee.
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