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2010 (7) TMI 24 - HC - Income TaxSale of DEPB - Taxable under section 28(iid) of the Income Tax Act, 1961 - interpolation of artificial cost - computation of profit for the purpose of section 80HHC - freight and insurance charges - Held that: the fact that the seller of the goods stands reimbursed in respect of certain expenses is not a consideration which would indicate that those expenses do not form part of the costs incurred by the seller. Costs do not cease to be costs because they are reimbursed to the seller as part of the sale consideration. the fact that the seller of the goods stands reimbursed in respect of certain expenses is not a consideration which would indicate that those expenses do not form part of the costs incurred by the seller. Costs do not cease to be costs because they are reimbursed to the seller as part of the sale consideration. - while computing direct cost attributable to export the freight and insurance amounting to Rs.1,71,87,614/ should be excluded for arriving at export profits while computing the deductions u/s.80HHC - decided in favor of assessee - the issue related to DEPB was also decided in favour of the Revenue and against the assessee
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