TMI Blog2016 (8) TMI 1459X X X X Extracts X X X X X X X X Extracts X X X X ..... i [ 2013 (8) TMI 1049 - ITAT MUMBAI ] , following same reasoning, we are of the view that there is a reasonable cause for delay in filing the appeal, so in the interest of natural justice we condone the delay in filing the appeal and admit the appeal for adjudication. Nothing contrary was brought to our knowledge on behalf of Revenue. Facts being similar, so, following same reasoning, we there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. That the learned Commissioner of Income Tax (Appeals) has erred in confirming the disallowance of deduction u/s.80HHC amounting to ₹ 38,18,344/- on export profit including DEPB incentive, excise duty refund and duty drawback. 2. Issue before us is regarding disallowance of deduction u/s.80 HHC amounting to ₹ 38,18,344/- on export profit includin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... othing contrary was brought to our knowledge on behalf of Revenue. Facts being similar, so, following same reasoning, we are of the view that there is a reasonable cause for delay in filing the appeal, so in the interest of natural justice we condone the delay in filing the appeal and admit the appeal for adjudication. 5. Now coming to the merits of the case, we find that in the si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eld that the entire DEPB income including the face value has to be considered as a profit u/s 28(iii d). However the Hon'ble Supreme Court recently in case of Topman Exports Ltd. (Supra) have not upheld the view taken by the Hon'ble High Court of Bombay and have confirmed the order passed by special bench of Tribunal on this is-sue, as per which the face value of DEPB has to be considered ..... X X X X Extracts X X X X X X X X Extracts X X X X
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