AMENDMENT OF SECTION 80-HHC BY TAXATION LAWS (AMENDMENT)ACT, 2005 IMPOSITION OF PENALTY/RECOVERY OF TAXES REG

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..... as been amended by the Taxation Laws (Amendment) Act, 2005. The section 80-HHC so amended, inter-alia, provides that Profits on sale of Duty Entitlement Pass Book Scheme (DEPB) credits or Duty Free Replenishment Certificate (DFRC) will be treated at par with duty drawback for the purposes of proportionate increase of profits derived from exports computed under clause (a) or clause (b) or clause .....

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..... uty Replenishment Certificate have been brought into the statute with retrospective effect. Therefore, it has been decided that no penalty shall be levied or interest shall be charged in respect of any fresh demand raised consequent to the enactment of Taxation Laws (Amendment) Act, 2005, on account of variation in the returned/assessed income attributable to profits on sale of DEPB credits or DFR .....

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..... e details of such demand in a separate register so that the information can be furnished to the Board as and when required. These registers shall be kept in the custody of the Assessing Officers who will hand it over to their successors at the time of their transfer. [F. No. 142/1/2006-TPL] - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmana .....

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