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2015 (3) TMI 44 - AT - Income TaxExclusion of DEPB from the computation of profit eligible for deduction under section 80 HHC - Held that:- As per the judgment of Topman Exports (2012 (2) TMI 100 - SUPREME COURT OF INDIA), only profit on sale of DEPB has to be considered for reduction from business profit and not the entire sale proceeds of DEPB. It was also held that for the purpose of computing profit on sale of DEPB, face value of DEPB should be considered as cost of DEPB. Since this issue was not decided by authorities below in this manner, we set aside the order of CIT(A) on this issue and restore this matter to the file of the AO for fresh decision on this aspect. - Decided in favour of assessee for statistical purposes. Exclusion of Export Incentives & Duty Draw Back from the computation of profit eligible for relief under section 80 IB - Held that:- This issue is covered against the assessee by the judgment of Liberty India vs. CIT (2009 (8) TMI 63 - SUPREME COURT) wherein it was held that deduction u/s 80IB is not allowable in respect of export incentive in the form of DDB and DEPB. - Decided against assessee. Computaion of deduction U/s 80HHC - whether is liable to be computed independently without reducing the amount of deduction U/s 80IA - Held that:- As decided in assessee's own case in assessment year 2002-03 deduction u/s 80HHC and 80-IB have to be independently computed and they have to be circumscribed by the overall limit as prescribed u/s 80A(2) of the Act only. - Decided against revenue.
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