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Profit element on sale of DEPB, i.e., the amount in excess of sale proceeds over the face value is covered u/s 28(iiid)
Case Law Details
- Case Name
- Jindal Drugs Ltd. Vs Asst. Commissioner of Income-Tax (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2002- 2003
- Courts
- All ITAT, ITAT Mumbai
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S. 80HHC; in favor of taxpayer: Post the amendment by Taxation Law Amendment Act, 2005 (effective from 1 April 1998), controversy had arisen as to whether in case of an exporter having export turnover of more than INR100 million (where generally conditions mentioned in section 80HHC cannot be satisfied), the entire sale proceeds of DEPB need to be excluded while calculating the deduction under Section 80HHC or only profit on transfer of DEPB should be excluded.
To deal with this controversial issue, a Special Bench was constituted in Mumbai in case of M/s. Topman Exports on following q...
