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2009 (4) TMI 156 - SC - Income TaxConsequence of retrospective amendment of section 28(iiia) and 28(iiic) Business profit exemption u/s 80HHC Duty Drawback and DEPB held that - By the Finance Act, 1990, Section 28 of the Income-tax Act, 1961 has been amended by inserting therein, clauses (iiia), (iiib) and (iiic) with retrospective effect with a view to ensure that cash compensatory support (CCS), duty drawback (DD) and profit on sale of import entitlement licences (IL) shall be taxable under the head "Profits and Gains of Business or Profession" assessee claims the deduction of duty drawback and DEPB held that - None of the above questions have been decided by the High Court. In the circumstances, we set aside the impugned order and restore Tax Appeal No.1127 of 2006 for de novo consideration by the High Court in accordance with law
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