capital gain
This query is : Resolved
tarin shah
(Querist)
24 July 2008
can d.e.p.b licence be liable for capital gain?
24 July 2008
Value received on transfer of DEPB not taxable: ITAT Mumbai
Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has ruled that the value received on transfer of DEPB does not constitute profit and thus can not be taxed. The Tribunal held this in the three separate cases M/s Glenmark Laboratories Ltd. v Dy. Commissioner of Income Tax, Mumbai; M/s Shrijee India Export Pvt. Ltd v Dy. Commissioner of Income Tax, Mumbai and M/s. Vijay Silk House (Delhi) Ltd. v Dy. Commissioner of Income Tax, Mumbai.
In three separate judgments pronounced in the last week of January, the Tribunal has directed assessing officers of the appellants to consider only profit on transfer of DEPB for the purpose of deduction under Sec. 80 HHC of the Income Tax Act and not the entire receipt against transfer of such DEPB.
Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has ruled that the value received on transfer of DEPB does not constitute profit and thus can not be taxed. The Tribunal held this in the three separate cases M/s Glenmark Laboratories Ltd. v Dy. Commissioner of Income Tax, Mumbai; M/s Shrijee India Export Pvt. Ltd v Dy. Commissioner of Income Tax, Mumbai and M/s. Vijay Silk House (Delhi) Ltd. v Dy. Commissioner of Income Tax, Mumbai.
In three separate judgments pronounced in the last week of January, the Tribunal has directed assessing officers of the appellants to consider only profit on transfer of DEPB for the purpose of deduction under Sec. 80 HHC of the Income Tax Act and not the entire receipt against transfer of such DEPB.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
