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2013 (4) TMI 637 - AT - Income TaxSection 154 of the Income-tax Act - Deduction u/s.80HHC in respect of DEPB licence - Held that:- As held by the Special Bench of the Tribunal in the case of Topman Exports (2012 (2) TMI 100 - SUPREME COURT OF INDIA ) the face value of DEPB lincence has to be considered to be income u/s. 28(iiib) which will be covered by the first proviso to section 80HHC(3) and excess of sale proceeds over the sales value has to be considered as business profit u/s.28(iiid) to which only third proviso to section 80HHC(3) can be applied. Said decision of the Special Bench has been upheld by the Hon'ble Supreme Court. We, therefore, modify the order passed by the CIT(A) in relation to deduction u/s.80HHC in respect of DEPB income and direct the AO to recompute the deduction in the light of judgment of Hon'ble Supreme Court in the case of Topman Exports (2012 (2) TMI 100 - SUPREME COURT OF INDIA) - Appeal of the assessee is partly allowed.
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