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TMI Blog2013 (6) TMI 225X X X X Extracts X X X X X X X X Extracts X X X X ..... 100 - SUPREME COURT OF INDIA] DEPB has direct nexus with the cost of imports for manufacturing an export product, any amount realized by the assessees over and above the DEPB on transfer of the DEPB would represent profit on the transfer of DEPB and while the face value of the DEPB will fall under clause (iiib) of Section 28, difference between the sale value and the face value of the DEPB will fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the present case has already been considered and answered by the Hon'ble Apex Court in Topman Exports versus Commissioner of Income- Tax reported in [2012] 342 ITR 49 (SC), therefore, the present appeal is liable to be allowed, for the reasons given by the Hon'ble Apex Court in the case of Topman Exports (supra). 4. The Hon'ble Apex Court has held as under:- The aforesaid discussion would s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... port incentive under clause (iiid) of section 28 to his export profits, but he gets a higher figure of profits of the business, which ultimately results in computation of a bigger export profit. The High Court, therefore, was not right in coming to the conclusion that as the assessee did not have the export turnover exceeding Rs. 10 crores and as the assessee did not fulfill the conditions set out ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nnot be denied to the assessee. 5. In view of statement of the learned counsel for the parties, the appeal is allowed. The impugned order of Income-Tax Appellate Tribunal is set aside. The Assessing Officer is directed to compute the deduction under Section 80HHC of the Income Tax Act on export proceeds, in the light of the judgment of the Hon'ble Apex Court in Topman Exports's case (supra). ..... X X X X Extracts X X X X X X X X Extracts X X X X
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