As per sec 80 HHC assessee was entitled to deduction on export profit and the deduction cannot be denied
Court :
Supreme Court of India
Brief :
These are appeals by way of special leave under Article 136 of the Constitution against the judgment and orders of the Bombay High Court holding that the entire amount received by an assessee on sale of the Duty Entitlement Pass Book (for short ‘the DEPB’) represents profit on transfer of DEPB under Section 28(iiid) of the Income Tax Act, 1961 (for short ‘the Act’) for the purpose of the computation of deduction in respect of profits retained for export business under Section 80HHC of the Act.
Citation :
M/s Topman Exports … Appellant Versus Commissioner of Income Tax, Mumbai … Respondent
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CS Bijoy
Published in Income Tax
Views : 2787
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