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2015 (9) TMI 383 - AT - Income TaxNon consideration of sale of DEPB as export incentives for deduction u/s. 80HHC - Held that:- In view of the convergence of the stands the rival counsels, and noting that the issue raised are governed by the ratio of the judgment of Hon’ble Supreme Court in the case of Topman Exports vs. CIT (2012 (2) TMI 100 - SUPREME COURT OF INDIA) wherein the decision of CIT vs. Kalpataru Colors & Chemical (2010 (6) TMI 63 - BOMBAY HIGH COURT) has since been reversed to held that 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 - matter is restored back to the file of Assessing Officer for re-adjudication afresh – Decided in favor of assessee for statistical purposes. Deduction allowable under section 80HHC where the assessee is also eligible for deduction under section 80IB - Held that:- Tribunal following the decision ACIT vs. Hindustan Mint & Agro Products Pvt. Ltd.,(2009 (6) TMI 124 - ITAT DELHI-C ) decided the issue against the assessee in principle which was reversed by Hon’ble Bombay High Court in the case of Associated Capsules vs. CIT (2011 (1) TMI 787 - BOMBAY HIGH COURT) and, therefore, it is no longer a good law.This aspect of the matter has not been contested by the Revenue before us - Decided in favour of assessee.
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