2013 (7) TMI 233

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the business, which ultimately results in computation of a bigger export profit - Following the decision of Topman Exports Vs. Commissioner of Income-Tax1 [2012 (2) TMI 100 - SUPREME COURT OF INDIA] - Decided in favour of Assessee. - Civil Appeal No. 4148 of 2012, Civil Appeal No. 4158 of 2012 Civil Appeal No. 4198 of 2012 - - - Dated:- 8-5-2013 - R. M. Lodha And Kurian Joseph,JJ. For the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... der clause (d) of Section 28, he would not get the benefit of addition to export profits under third or fourth proviso to sub-section (3) of Section 80HHC, but he would get the benefit of exclusion of a smaller figure from "profits of the business" under Explanation (baa) to Section 80HHC of the Act and there is nothing in Explanation (baa) to Section 80HHC to show that this benefit of exclusion o .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... received on transfer of DEPB and with a view to get over this difficulty the assessee was contending that the profits on transfer of DEPB under Section 28 (iiid) would not include the face value of the DEPB. It is a well-settled principle of statutory interpretation of a taxing statute that a subject will be liable to tax and will be entitled to exemption from tax according to the strict language .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X