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TMI Blog2015 (9) TMI 858X X X X Extracts X X X X X X X X Extracts X X X X ..... mmissioner of Income-Tax [2012 (2) TMI 100 - SUPREME COURT OF INDIA] DEPB has direct nexus with the cost of imports for manufacturing an export product, any amount realized by the assessees over and above the DEPB on transfer of the DEPB would represent profit on the transfer of DEPB and while the face value of the DEPB will fall under clause (iiib) of Section 28, difference between the sale value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lini Kumar, Adv., Mr. S. Wasim A Qadri, Adv., Mrs Anil Katiyar,Adv. ORDER 1. Leave granted. 2. Mr. R.P. Bhatt, learned senior counsel for the Revenue submits that in view of the decision of this Court in Topman Exports vs. Commissioner of Income-Tax, (2012) 342 ITR 49 (SC), this Civil Appeals deserves to be allowed and the matter needs to be sent back to the Assessing Officer. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of an assessee exceeds ₹ 10 crores, he does not get the benefit of addition of ninety per cent of export incentive under clause (iiid) of Section 28 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. The High Court, therefore, was not right in coming to the conclusion that as the assessee did ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee was entitled to a deduction under Section 80HHC on export profits, the benefit of such deduction cannot be denied to the assessee.The impugned judgment and orders of the Bombay High Court are accordingly set-aside. The appeals 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 ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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