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Issues involved: Appeal u/s 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal regarding substantial questions of law related to profit calculation under Sections 28(iiid) and 28(iiie) and deduction u/s 80HHC.
The appellant raised several substantial questions of law challenging the ITAT's decision regarding the profit calculation under Sections 28(iiid) and 28(iiie) of the Income Tax Act, 1961. The questions included whether the ITAT was correct in not considering the total sale consideration inclusive of face value of DEPB and premium amount as profit chargeable u/s 28(iiid) and 28(iiie), and whether the profit on transfer of DEPB entitlement should be considered as the entire amount inclusive of premium. Additionally, the ITAT's interpretation of the term "profit" in Sections 28(iiid) and 28(iiie) was questioned, specifically regarding the deduction of face value of DEPB from sale price for profit calculation and the requirement of any artificial cost for the determination of deduction u/s 80HHC. The appellant's counsel referred to previous court orders favoring the revenue in similar cases and argued that the matter at hand is covered by those orders. Citing specific cases like CIT v. M/s Victor Forgings and CIT v. F.C. Sondhi, the counsel highlighted the relevance of these precedents in the current appeal. The court noted that the matter aligns with previous decisions and decided to dispose of the appeal accordingly without issuing notice to the respondent. However, the respondent was granted liberty to approach the court if they had any grievances against the order.
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