9911796707
TMI Blog2013 (3) TMI 353X X X X Extracts X X X X X X X X Extracts X X X X ..... Topman Exports was reversed by the Bombay High Court - Held that:- The decision of the Bombay High Court as appealed before Supreme court [2012 (2) TMI 100 - SUPREME COURT OF INDIA] disposed of appeal by directing the AO to compute the deduction under Section 80HHC considering DEPB has direct nexus with the cost of imports for manufacturing an export product, any amount realized by the assessees o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d circumstances of the case, the Tribunal was right in remanding the issue back to Assessing Officer based on the case of Mumbai, Special Bench, which was reversed by Mumbai High Court? 2. Whether in the facts and circumstances of the case, the claim of deduction u/s.80HHC in respect of the profits on sale of DEPB is alowable? 2. Brief facts of the case are that the assessee is a firm engaged ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmissioner of Income-tax (Appeals). The commissioner of Income-tax (Appeals) upheld the order of the Assessing Officer and held that the Assessing Officer had brought out clearly the fact that the assessee firm had not compiled with the conditions prescribed under the third proviso to Section 80HHC. Aggrieved by the Order of Commissioner of Income-tax (Appeals), the assessee filed appeal before th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal. Heard Mr. J. Narayanasamy, learned counsel appearing for the revenue and Mr.Sridhar, learned counsel appearing for the assessee. 5. The learned counsel for the revenue as well as the assessee submitted that the decision of the Special Bench of the Income-tax Appellate Tribunal, Mumbai in the case of Topman Exports v. Income Tax Officer, (2009) 318 ITR (AT) 87 (Mumbai)(SB) was challenged be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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