2010 (6) TMI 63 - HC - Income Tax

Sale of DEPB - Taxable under section 28(iid) of the Income Tax Act, 1961 - reliance of Finance Minister's speech in the parliament - Held that: When Section 28(iiid) specifically deals with profits realized on the transfer of the DEPB credit, it would be impermissible as a matter of first principle to bifurcate the face value of the DEPB and the amount received in excess of the face value of the DEPB. - sale of the Duty Entitlement Passbook is taxable under section 28(iiid) - face value is not required to be deducted from the sale proceeds - the entire amount of sale proceeds is taxable under section 28(iiid)