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TMI Blog2017 (3) TMI 272X X X X Extracts X X X X X X X X Extracts X X X X ..... and appropriate decision is required to be taken by the A.O. considering the decision in the case of Topman Exports (2012 (2) TMI 100 - SUPREME COURT OF INDIA ) wherein held if the assessee has not transferred and/or sold the DEPB Licenses, in that case, the assessee is entitled to deduction under section 80HHC. Thus it cannot be said that the learned tribunal has committed any error in confirming the order passed by the learned CIT(A) remanding the matter to the A.O. However, it is observed that on remand the A.O. is required to consider the case on behalf of the assessee whether DEPB Licenses for which deduction under section 80HHC has been claimed, were, in fact, transferred / sold by the assessee or not - Decided in favour of assessee f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng benefits under section 80HHC, on the ground that the same were not covered under section 28(iiia) to 28(iiic) of the Act. 2.01. Feeling aggrieved and dissatisfied with the impugned reassessment order and more particularly order passed by the A.O. that the assessee is not entitled to deduction under section 80HHC with respect to export incentive of ₹ 3,03,86,118/- in the form of DEPB Licenses, the assessee preferred appeal before the learned CIT(A). The learned CIT(A) partly allowed the said appeal and held that there was no justification on the part of the A.O. in not allowing the deduction under section 80HHC as claimed by the assessee. The learned CIT(A) directed the A.O. to allow assessee's claim for deduction under section 80H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eferred to and considered. In the said decision it is observed and held by the Hon'ble Supreme Court that if the assessee has not transferred and/or sold the DEPB Licenses, in that case, the assessee is entitled to deduction under section 80HHC. It is further observed and held by the Hon'ble Supreme Court that in case the assessee has transferred / sold DEPB Licenses, the profit earned by selling the DEPB Licenses only is required to be considered and to that extent deduction can be denied under section 80HHC. 3.03. In the present case, it is the case on behalf of the assessee that the assessee never transferred / sold DEPB Licenses, for which deduction under section 80HHC was claimed and in fact the same were used for house consum ..... X X X X Extracts X X X X X X X X Extracts X X X X
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