2010 (12) TMI 959 - HC - Income Tax

Deduction u/s 80HHC on the face value of DEPB allowed in the case where turnover exceeds Rs.10 crores in view of second, third and fourth provisos to sub-section (3) of section 80HHC inserted by the Taxation Laws (Amendment) Act, 2005 with retrospective effect from 01.04.1998 - Held that - As identical appeal being Commissioner of Income-tax v. M/s F.C. Sondhi and Company (P) Ltd.(2010 (8) TMI 420 - PUNJAB AND HARYANA HIGH COURT) filed by the revenue was allowed by this Court and the matter remanded to the Tribunal. Accordingly, this appeal is disposed of in same terms.

Summary

The High Court Punjab and Haryana allowed the revenue's appeal under Section 260A of the Income Tax Act, 1961 against the ITAT order regarding deduction u/s 80HHC on the face value of DEPB for the assessment year 1999-2000. The appeal was disposed of in the same terms as a similar case, and the matter was remanded to the Tribunal for further proceedings.