Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (10) TMI 351 - AT - Income TaxIncome from sale of DEPB - profit on transfer of DEPB u/s 28(iiid) was taxed instead of DEPB credit credited by the assessee in his P& L account - HELD THAT:- As relying on M/S TOPMAN EXPORTS VERSUS COMMISSIONER OF INCOME TAX, MUMBAI [2012 (2) TMI 100 - SUPREME COURT] it is a well-settled principle of statutory interpretation of a taxing statute that a subject will be liable to tax and will be entitled to exemption from tax according to the strict language of the taxing statute and if as per the words used in Explanation (baa) to section 80HHC read with the words used in clauses i(iid ) and (iiie) of section 28, the assessee was entitled to a deduction under section 80HHC on export profits, the benefit of such deduction cannot be denied to the assessee. Respectfully following the precedent we set aside the issue to the file of the Assessing Officer to decide the issue afresh in the light of judgement of Hon'ble Apex Court as above. Appeal filed by the assessee is allowed for statistical purposes.
|