TMI Blog2013 (4) TMI 258X X X X Extracts X X X X X X X X Extracts X X X X ..... 143(3) will not render the Assessing Officer powerless to initiate reassessment proceedings even when intimation under section 143(1) Denial of deduction u/s 80HHC on import entitlements of DEPB receipts - retrospective amendments questioned - Held that:- The issue relating to the taxability of DEPB benefits and the applicability of the 3rd and 4th proviso to sec. 80HHC(3) during the years under consideration need to be examined afresh. Accordingly restore the same to the file of the Assessing Officer with the direction to examine the issue afresh in the light of the decisions rendered in the case of AVANI EXPORTS & OTHERS [2012 (7) TMI 190 - GUJARAT HIGH COURT] wherein held that impugned amendment exists only to be given effect from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ec. 80HHC of the Act with retrospective effect from 01-04-1998, as per which the assessees' having export turnover exceeding Rs.10.00 crores have to satisfy the conditions stated in the above said provisos in order to eligible for deduction u/s 80HHC of the Act. The AO noticed that the assessee could not satisfy the conditions specified in the proviso 3 and 4, referred above and hence he reopened the assessment of the year under consideration in order to withdraw deduction allowed u/s 80HHC on the DEPB receipts. In the reopened assessment, the AO disallowed the claim of deduction u/s 80HHC on DEPB receipts. The ld CIT(A) also confirmed the order passed by the AO. The Ld CIT(A) also upheld the validity of reopening of assessment. Aggrieved b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... :- "27. We, accordingly, quash the impugned amendment only to this extent that the operation of the said section could be given effect from the date of amendment and not in respect of earlier assessment years of the assesses whose export turnover is above Rs. 10 Crore. In other words, the retrospective amendment should not be detrimental to any of the assessees". 6. Accordingly Ld D.R submitted that this appeal may be set aside to the file of the Assessing Officer for deciding the impugned issue in accordance with the decision rendered by the Hon'ble High Court of Gujarat, referred supra. The Ld. DR further submitted that the issue of taxability of DEPB credits has since been settled by the Hon'ble Apex Court in the case of Topman Expor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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