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TMI Blog2014 (2) TMI 226X X X X Extracts X X X X X X X X Extracts X X X X ..... ondone the delay caused in filing the appeals – Delay condoned. The quantum of deduction available to the assessee under section 8OHHC in the light of DEPB is to be recomputed by the assessing authority as decided Topman Exports vs. CIT [2012 (2) TMI 100 - SUPREME COURT OF INDIA] - The assessee is entitled for the benefit to the extent explained by the Hon'ble Supreme Court – the matter is remitted back to the AO for re-computation quantum of deduction u/s. 80HHC of the Act – Decided in favour ofAssessee. - ITA No.2099 and 2100/Kol/2009 - - - Dated:- 31-7-2013 - Shri N. S. Saini And Shri Mahavir Singh,JJ. For the Petitioner : Shri Rajeeva Kumar, AR For the Respondent : Shri D. K. Sanowal, SR-DR ORDER Per Mahavir Singh, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duction u/s. 8HHC was reduced from Rs.49,26,850/- to Rs.46,02,032/-. Against this order of the AO an appeal was preferred before the Ld. CIT(A)-C-II, Kol. In the said appeal, the Ld. CIT(A)-C- II,Kol, rejected the prayer asking for consideration of DEPB Credit in calculation of deduction u/s. 80HHC. The assessee had not preferred appeal against the said order as advised by its Chartered Accountant that the appeal would be yielding no benefit worth and it will be waste of litigation cost. On such advice no appeal was filed. But in view of recent ITA No. 5769/Mum/2006 for the Asst. Year 20002-03 in the case of M/s. Topman Exports ITA No. 5651/Mum/2006 for Asst. Year 2003-04 in case of M/s. Kalpataru Colours Chemicals, the Hon'ble Member ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion 2005, w.e.f. 1.4.2001. I wrongly interpreted that the order of the Ld. CIT(A)-C-II, Kolkata, is correct. I, by mistake, at that time could not be able to notice the difference between sale proceed of DEPB License and Profit on sale of DEPB License. Such is the mistake of interpretation of meaning of profit as given in the Income Tax Act. 5) Based on my above mistaken interpretation of the provision of Income Tax Act, I wrongly advised M/s. Murlidhar Ratanlal Exports Ltd., not to file second appeal against the order of Ld.CIT(A)-C-II, Kol, before the Hon'ble ITAT, Kolkata. 6) That M/s. Murlidhar Ratanlal Exports Ltd., followed my advice and didn't file any appeal before the Hon'ble ITAT, Kolkata for the Asst. Year 2002-03 2003-0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctor of M/s. Murlidhar Ratanlal Exports Ltd., Shri Ajay Kumar Kajaria. During the course of hearing, Ld. Counsel for the assessee pointed out that the order of CIT(A) for AY 2002-03 was received on 03-01-2007and for AY 2003-04 was received on 22-12-2006. The due dates for filing of appeal before the Tribunal was on 02-03-2007 and 20-02-2007 but actually appeals in both years were filed on 10-12-2009. In such circumstances and reasons stated above, Ld. Counsel for the assessee prayed for condonation of delay. 3. On the other hand, Ld. SR-DR of the Revenue objected to condonation of delay and stated that this is a very long delay and no sufficient cause is advanced by the assessee. Ld. DR pointed out from the affidavit that advice from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Exports vs. ITO and Kalpataru Colours and Chemicals vs. Addl. CIT, 318 ITR (AT) 87 (Mumbai) (SB). By the time the Commissioner of Income-tax(Appeals) had dismissed the assessees claim, the Hon'ble Bombay High Court rendered its judgment in the case of CIT vs. Kalpataru Colours and Chemicals, 328 ITR 451, wherein the Hon'ble High Court has reversed the above stated decision of the Income-tax Appellate Tribunal, Mumbai Special Bench. Thereafter the Hon'ble Supreme Court reversed the judgment of the Hon'ble Bombay High Court on the subject and declared the law on the subject in their judgment rendered by their Lordships in the case of Topman Exports vs. CIT, 342 ITR 49. Once again the issue has been decided in favour of the assessee. 8. In t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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