2011 (2) TMI 202

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..... profit in sale of DEPB representing the excess of sale proceeds of DEPB over its face value is liable to be considered u/s 28(iiid) at the time of its sale. Since decision in Topman Exports which stands over ruled in Commissioner of Income Tax Vs. Kalpataru Colours and Chemicals (2010 -TMI - 76895 - BOMBAY HIGH COURT), matter remanded for fresh decision. - ITA 12/2011, ITA 404/2010, ITA 708/20 .....

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..... these cases are brief because of the reason that the Tribunal has simply followed (which it was supposed to) the decision of the ITAT Special Bench, Mumbai in the case of Topman Export Vs. ITO [ITA No. 5769/Mum./2006 decided on dated 11th August, 2009.]. By that judgment, the Special Bench of the Tribunal has held that the face value of DEPB is chargeable to tax u/s 28 (iiib) at the time of accrua .....

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