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TMI Blog2011 (2) TMI 1189X X X X Extracts X X X X X X X X Extracts X X X X ..... duction under Section 80HHC with respect to the profit on transfer of DEPB benefit - Held that:- As the benefit is extended to exporters through an amendment by Finance Act, 2005 with retrospective effect from 01/04/1998 Tribunal has not considered the issue at all, appeals allowed by setting aside the orders of the Tribunal only on this issue and by restoring the matters to the Tribunal with spec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Heard learned Standing Counsel for the appellant and learned Senior Counsel Shri.Joseph Markose appearing for the respondent assessees. 2. Orders under challenge are remand orders issued by the Tribunal directing the Assessing Officer to recompute deduction under Section 80HHC in the case of the respondent assessees following the decision of Bombay Tribunal in the case of M/s.Topman Exports, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... putation and therefore they directed the Assessing Officer to compute eligible deduction based on the decision of the Tribunal. 3. In the first place, learned Standing Counsel brought to our notice that the Bombay Tribunal's order relied on by the Cochin Bench is reversed by the Bombay High Court in Commissioner of Income Tax v. Kalpataru Colours & Chemicals, reported in 328 ITR 451. The learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the judgment of the Bombay High Court.
One another question raised in ITA No.267/2010 pertains to the expenditure on issue of bonus shares. This issue stands decided against the Revenue in the decision in CIT v. General Insurance Corporation, reported in 286 ITR 232 (SC). Following the above judgment of the Supreme Court, we dismiss the appeal on this issue. X X X X Extracts X X X X X X X X Extracts X X X X
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