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2015 (9) TMI 858 - SC - Income TaxComputation of deduction under Section 80HHC - Whether entire amount received on sale of the Duty Entitlement Pass Book (DEPB) represents profit on transfer of DEPB for the purpose of the computation of deduction u/s 80HHC – Held that:- As decided in Topman Exports vs. Commissioner of Income-Tax [2012 (2) TMI 100 - SUPREME COURT OF INDIA] 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 . Issue decided in favor of assessee. The impugned judgment and order passed by the High Court [2011 (11) TMI 640 - GUJARAT HIGH COURT] is set aside and the Assessing Officer is directed to compute the deduction under Section 80HHC of the Income Tax Act, 1961, in the light of the observations made by this Court in Topman Exports (supra). - Decided in favour of assessee for statistical purposes.
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