TMI Blog2010 (4) TMI 1091X X X X Extracts X X X X X X X X Extracts X X X X ..... e against the orders of the CIT(A), Valsad dated 28.02.2007 arising out of orders of the Assessing Officer under Section 143(3) r.w.s. 147 of the Income Tax Act, 1961. Since assessee being same and the grounds raised in the appeals being similar, for the sake of convenience, we dispose of the appeals by this common order. 2. At the outset, it is admitted by both the parties that the grounds rai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case the ld.CIT(A) has erred in allowing a part of sales value of the DEPB license i.e. ₹ 1,02,56,895/- as a profit of the business and only ₹ 437621 as a profit on sale of the DEPB license u/s.28(iiid) of the Act. 4. At the time of hearing before us, both the parties admitted that the issue involved in both the appeals is with regard to the computation of deduction under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le amount-Entire mechanism for computation of profits derived from exports under s. 80HHC has been specifically provided for in the section itself and there is no need to be governed by the understanding of the expression profits derived from export in common parlance-It is obvious that 10 per cent of such incomes representing the expenses are reduced from the total expenses at the time of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e export incentives including DEPB and DFRC etc. be considered as separate business income and not to reduce them from the cost of purchases-Therefore, in the scheme of s. 80HHC, the face value of DEPB cannot be reduced from the purchase cost but is separate income under s. 28(iiid), which accrues at the time of making application pursuant to exports-Only the profit element on the sale of DEPB, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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