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Freight and insurance cannot be regarded as costs directly attributable to trading goods within meaning of clause (b) of Explanation to sub-section (3) of section 80HHC
Case Law Details
- Case Name
- CIT Vs King Metal Works (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
ORAL JUDGEMENT
(PER DR. D.Y. CHANDRACHUD, J.) :
The appeal by the Revenue raises the following substantial questions of law:
“a) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that, only the profit element of the sale of DEPB that is the amount in excess of sale proceeds over the face value is covered u/s. 28(iiid) and not the entire amount received on sale of DEPB entitlements represents profits chargeable under Section 28(iiid) of the Income Tax Act, 1961;
b) Whether on the facts and in the circumstances of the case and in la...
