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TMI Blog2017 (5) TMI 1552X X X X Extracts X X X X X X X X Extracts X X X X ..... for fresh decision in accordance with law. Deduction under Section 80HHC - claim be declined in pursuance to retrospective amendment in the Act relatable to option to be made amongst duty draw back and DEPB after the conclusion of an event - Held that:- The amendment was prospective and was invalid to the extent of being made retrospective. The Supreme Court considering the similar issue regarding constitutional validity of the provisions held the same to be prospective in nature in Commissioner of Income Tax and another vs. Avani Exports and others, (2015 (4) TMI 193 - SUPREME COURT). In the present case, the Tribunal also had declined the claim of the assessee under Section 80HHC of the Act by taking into consideration the amended pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ral Excise Act and not under any Export Promotion Scheme, is an eligible claim? 2. A few facts relevant for the decision of the controversy involved as narrated in the appeal may be noticed. The assessee is engaged in the business of manufacturing of fasteners and exporting goods. It filed its return of income on 30.11.2003 at an amount of ₹ 3,55,62,970/- alongwith audited financial statements under Section 44AB of the Act. The case was taken up for scrutiny. After examining the matter, the income of the assessee was assessed at ₹ 5,09,19,102/- vide order dated 24.2.2006, Annexure A.1. Aggrieved by the order, the assessee filed appeal before the Commissioner of Income Tax (Appeals) [CIT(A)]. Vide order dated 12.10.2006, Anne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that it had necessary and sufficient evidence to establish that it had option to choose either the duty draw back or duty entitlement passbook scheme being the Duty Remission Scheme and that the rate of draw back credit attributable to the customs duty was higher than the credit allowable under the Duty entitlement Pass Book Scheme being the duty Remission Scheme. Insertion of conditions in the third and fourth provisos to Section 80HHC by Taxation Laws (Second Amendment) Act, 2005 with retrospective effect was challenged before this Court in Guru Nanak Exports, Phagwara vs. Assistant Commissioner of Income Tax, Jalandhar , CWP No.11328 of 2009 decided on 3.10.2012. It was held that the amendment was prospective and was invalid to the ex ..... X X X X Extracts X X X X X X X X Extracts X X X X
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