9911796707
TMI Blog2014 (5) TMI 597X X X X Extracts X X X X X X X X Extracts X X X X ..... n of ninety per cent of export incentive u/s 28(iiid) 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 - a subject will be liable to tax and will be entitled to exemption from tax according to the strict language of the taxing statute and if as per the words used in Explanation (baa) to Section 80HHC r. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... em that the controversy raised in the present matter is squarely covered by the decision of this Court in Topman Exports Vs. Commissioner of Income-Tax (2012) 3 SCC 593. 4. In Topman Exports (2012) 3 SCC 593 this Court concluded as follows :- The aforesaid discussion would show that where an assessee has an export turnover exceeding Rs.10 crores and has made profits on transfer of DEPB unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ness, 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 have the export turnover exceeding Rs.10 crores and as the assessee did not fulfill the conditions set out in the third proviso to Section 80HHC (iii), the assessee was not entitled to a deduction under Section 80HHC on the amount re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are allowed to the extent indicated in this judgment. The Assessing Officer is directed to compute the deduction under Section 80HHC in the case of the appellants in accordance with this judgment.... 5. Impugned order is set aside and the Assessing Officer is directed to compute the deduction under Section 80HHC of the Income Tax Act, 1961 in the case of the appellant in accordance with the ob ..... X X X X Extracts X X X X X X X X Extracts X X X X
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