2012 (8) TMI 988

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..... profit for computing deduction allowable to the assessee u/s 80HHC and or the computation of profit on sale of DEPB, face value of DEPB is to be considered as costs of DEPB. We, therefore, rectify this apparent mistake in the impugned tribunal order and hold that this issue should go back to the file of the A.O. for a fresh decision as per this judgement of Hon’ble Apex Court rendered in the case of Topman Exports (supra).
Shri MUKUL KUMAR SHRAWAT, JUDICIAL MEMBER & Shri A. K. GARODIA, ACCOUNTANT MEMBER For the Appellant: Shri Nimish Vasvani, AR For the Respondent: Shri R K Vohra, Sr. DR O R D E R PER SHRI A. K. GARODIA, AM:- This miscellaneous application is filed by the assessee pointing out some mistake in the tribunal order dat .....

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..... y the assessee in the miscellaneous application. 3. We have considered the rival submissions, perused the material on record and we find that the issue regarding allowability of deduction u/s 80HHC in respects of DEPB entitlement was decided by the tribunal as per the impugned order, against the assessee by following the judgment of Hon'ble Bombay High Court rendered in the case of CIT Vs Kalpataru Colour & Chemicals Ltd. (supra). Subsequent to this judgement of Hon'ble Bombay High Court, there is judgement of Hon'ble Apex Court rendered in the case of Topman Exports as per which, it was held by the Hon'ble Apex Court that only the profit on sale of DEPB is to be excluded from business profit for the purpose of computation of deduction all .....

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..... e for the whole amount but as per the judgment of Hon'ble Apex Court rendered in the case of Topman Exports (supra), only profit on sale of DEPB should be considered for the purpose of exclusion form business profit for computing deduction allowable to the assessee u/s 80HHC and or the computation of profit on sale of DEPB, face value of DEPB is to be considered as costs of DEPB. We, therefore, rectify this apparent mistake in the impugned tribunal order and hold that this issue should go back to the file of the A.O. for a fresh decision as per this judgement of Hon'ble Apex Court rendered in the case of Topman Exports (supra). 5. In the result, miscellaneous application of the assessee stands allowed in terms indicated above. 6. Order pr .....

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