TMI Blog2013 (7) TMI 477X X X X Extracts X X X X X X X X Extracts X X X X ..... t he gets a higher figure of profits of the business, which ultimately results in computation of a bigger export profit - It is a well-settled principle of statutory interpretation of a taxing statute that a subject will be liable to tax and will be entitled to exemption from tax according to the strict language of the taxing statute and if as per the words used in Explanation (baa) to Section 80H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer. 2. In Topman Exports [2012] 342 ITR 49 (SC) this Court concluded as follows :- "The aforesaid discussion would show that where an assessee has an export turnover exceeding Rs.10 crores and has made profits on transfer of DEPB under clause (d) of Section 28, he would not get the benefit of addition to export profits under third or fourth proviso to sub-section (3) of Section 80HHC, but he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e did have the export turnover exceeding Rs.10 crores and as the assessee did not fulfill the conditions set out in the third proviso to Section 80HHC (iii), the assessee was not entitled to a deduction under Section 80HHC on the amount received on transfer of DEPB and with a view to get over this difficulty the assessee was contending that the profits on transfer of DEPB under Section 28 (iiid) w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in accordance with this judgment...." 3. For the same reasons, the impugned judgment and order of the Gujarat High Court is set aside and the Assessing Officer is directed to compute the deduction under Section 80HHC of the Income Tax Act, 1961 in the light of the observations made by this Court in Topman Exports1 as noted above. 4. Civil Appeals are allowed as above with no order as to costs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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