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TMI Blog2010 (8) TMI 420X X X X Extracts X X X X X X X X Extracts X X X X ..... ness income and has to be taken into account for deduction under Section 80HHC, matter remanded back for fresh decision. - ITA No. 299 of 2010 - - - Dated:- 16-8-2010 - CORAM:- HON'BLE MR. JUSTICE ADARSH KUMAR GOEL. HON'BLE MR. JUSTICE AJAY KUMAR MITTAL. PRESENT: Mr. Vivek Sethi, Advocate for the appellant. Mr. Pankaj Jain, Advocate for the respondent. ADARSH KUMAR GOEL, J. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of DEPB entitlement represents the entire amount inclusive of premium of sale of such DEPB? III. Whether on the facts and circumstances of the case the ITAT was right in law in holding that the word profit referred to in section 28(iiid) and 28(iiie) of Income Tax Act, 1961 means the difference between the sale price of DEPB and the face value of DEPB ignoring the fact that the entire amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. The assessee is an exporter and while claiming deduction under Section 80HHC of the Act, the assessee did not include the entire income from Duty Draw Back (DBK), Duty Entitlement Pass Book (DEPB) and Duty Free Remission Scheme (DFRC) which was business income under Sections 28(iiid) and 28(iiie). The Assessing Officer made calculation after treating the said amount as business income. On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the view taken by the Bombay High Court and are of ITA No. 299 of 2010 the view that the income from DBK, DEPB and DFRC has to be treated as business income and has to be taken into account for deduction under Section 80HHC. The questions proposed are answered accordingly and matter is remanded to the ITAT for fresh decision in accordance with law. 7. Parties may appear before the Tribunal fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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