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2016 (1) TMI 579 - PUNJAB AND HARYANA HIGH COURT

2016 (1) TMI 579 - PUNJAB AND HARYANA HIGH COURT - [2016] 389 ITR 255 - DEPB income - whether eligible as a deduction u/s 80HHC being an export incentive granted for promotion of export? - Whether the Taxation Amendment Act, 2005 introduced with effect from 1.4.1998 can be used to deny a benefit accruing to the assessee on account of incentives earlier granted and whether the amendment would be hit by the principle of Promissory estoppel? - Held that:- The Tribunal held that as per clause (iiid) .....

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turnover. Accordingly, the Assessing Officer was directed to re-compute the deduction under Section 80HHC as amended by Taxation Laws (Amendment) Act, 2005 with retrospective effect from 1.4.1998. Since, the matter has been remitted back to the Assessing Officer for recomputation, therefore, question Nos. do not survive for consideration. - Exclusion of FDR interest from the business income under section 80HHC - Held that:- Tribunal had concluded that interest on Fixed Deposits had accrued o .....

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Advocate with Ms. Salina Chalana, Advocate For The Respondent : None AJAY KUMAR MITTAL, J. 1. This order shall dispose of a bunch of six appeals bearing ITA Nos. 261 to 266 of 2008 as according to learned counsel for the appellant, similar questions of law are involved in all the appeals. For brevity, the facts are being extracted from ITA No. 261 of 2008. 2. ITA No. 261 of 2008 has been filed by the assessee under Section 260A of the Income Tax Act, 1961 (in short the Act ) against the order da .....

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on account of incentives earlier granted and whether the amendment would be hit by the principle of Promissory estoppel? iii. Whether the exclusion of FDR interest from the business income under section 80HHC of the Income Tax Act is justified particularly in the light of the fact that the issue is to be finally decided by the Supreme Court of India? 3. Put shortly, the facts necessary for adjudication of the present appeal as narrated therein are that the assessee is engaged in the business of .....

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eld that the FDR interest was not eligible for deduction under Section 80HHC of the Act. Further, it was held that the Duty Entitlement Pass Book (DEPB) income of ₹ 10,95,440/- was not eligible for deduction under Section 80HHC of the Act in view of the judgment of the Delhi High Court in CIT v. Ritesh Industries (192 CTR 81) which held that the DEPB is not an income derived from industrial undertaking. Accordingly, the Assessing Officer vide assessment order dated 22.3.2005 (Annexure A-1) .....

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TR 220. Still dissatisfied, the assessee filed an appeal before the Tribunal, who vide impugned order dated 13.4.2007 remanded the issue relating to eligibility of deduction of DEPB income under Section 80HHC of the Act in view of the amendment to Section 28 of the Act with retrospective effect from 1.4.1998. The Tribunal also upheld the view of the CIT(A) that the FDR interest could not be taken into consideration for allowing deduction under Section 80HHC of the Act. Hence, the present appeal. .....

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ther increased by amount which bears to 90% of the sum referred in clause (iiid) and (iiie) of Section 28 of the Act, the same proportion as the export turnover bears to the total turnover. Accordingly, the Assessing Officer was directed to re-compute the deduction under Section 80HHC as amended by Taxation Laws (Amendment) Act, 2005 with retrospective effect from 1.4.1998. Since, the matter has been remitted back to the Assessing Officer for recomputation, therefore, question Nos. (i) and (ii) .....

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e resulted from industrial activity carried on by the assessee. 7. Further, a Division Bench of this Court in Sneh Lata Jain v. Income Tax Officer, Ward No. II, Ambala and another, ITA No. 615 of 2006 decided on 27.9.2007 to which one of us (Ajay Kumar Mittal, J) was a member, where Fixed Deposit Receipts were used as security or collateral security to obtain various loans from the banks in the form of car loan, machinery loan, miscellaneous loan etc., it was held that it could not be construed .....

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