2014 (3) TMI 941

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..... Justice Akil Kureshi) 1. Tax Appeal was admitted framing following substantial questions of law:- (i) Whether, on the facts and in the circumstances of the case and in law, the Income Tax Appellate tribunal is right in directing the Assessing Officer to allow deduction to the assessee under Section 80HCHC after re-computing the same by taking into consideration the profit of the business under .....

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..... by taking the 'profit on transfer' of DEPB as taxable under section 28(iii d) and ignoring the whole credit under the DEPB Scheme as taxable under section 28(iv)." 2. Though three questions are framed, issue is single, namely the treatment of receipt of the assessee on sale of DEPB scrips for the purpose of computation of deduction under section 80HHC of the Income Tax Act, 1961. 3. Iss .....

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