Duty entitlement pass book credit falls under sec 28 of the Act where premium received on transfer will represent profit


Last updated: 04 April 2012

Court :
HIGH COURT OF DELHI

Brief :
Whether the Income Tax Appellate Tribunal has erred in holding that duty entitlement pass book credit was cash assistance within the meaning of clause (iiib) to Section 28 of the Income Tax Act, 1961 and the entire amount including the premium received on transfer of DEPB was “profit” under clause (iiid) of Section 28 of the aforesaid Act and accordingly exemption under Explanation (baa) to Section 80HHC should be calculated?

Citation :
PAL ENTERPRISES ..... Appellant Through Mr. Santosh K. Aggarwal, Adv. Versus CIT ..... Respondent Through Mr. Kamal Sawhney, sr. standing counsel

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CS Bijoy
Published in Income Tax
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