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2013 (7) TMI 257 - ITAT MUMBAIDeduction u/s 8OHHC on sale of DEPB license disallowed - whether as per Section 28(iiid) only profit realized from sale of DEPB license will not be eligible for deduction u/s 80 HHC or the full sale consideration received on DEPB license - Held that:- As decided in M/s Topman Exports Versus CIT Mumbai [2012 (2) TMI 100 - SUPREME COURT OF INDIA] DEPB has direct nexus with the cost of imports for manufacturing an export product, any amount realized by the assessees over and above the DEPB on transfer of the DEPB would represent profit on the transfer of DEPB and while the face value of the DEPB will fall under clause (iiib) of Section 28, difference between the sale value and the face value of the DEPB will fall under clause (iiid) of Section 28 – restore the matter back to the file of AO with a direction to allow deduction u/s. 80HHC in terms of the decision of Hon'ble apex Court (supra). In favour of assessee for statistical purposes.
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