S. 80HHC – SC reverses Bomaby HC judgment in Kalpataru case, DEPB Face value covered U/s. 28(iiib)

M/s Top man Exports vs. CIT (Supreme Court)– Supreme Court in the case of  M/s Topman Exports & Others Vs. CIT  reversed Bombay High Court Judgment in the case of CIT vs Kalpataru Colours and Chemicals   held  that the Tribunal was not justified in holding that the entire amount received on the sale of the DEPB does not represent profits chargeable under Section 28(iiid) of the Act and the Tribunal was not correct in holding that the face value of the DEPB shall be deducted from the sale proceeds of the DEPB. The High Court did not agree with the Tribunal that the face value of ...