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TMI Blog2019 (3) TMI 141X X X X Extracts X X X X X X X X Extracts X X X X ..... ation (baa) of the said provision in the present case. - Decided in favour of the Assessee - Tax Case Appeal No. 542 of 2011 - - - Dated:- 15-2-2019 - Dr. Justice Vineet Kothari And Mr. Justice C.V. Karthikeyan For the Appellant : Mr.M.P.Senthil Kumar For the Respondent : M/s. V.Pushpa Senior Standing Counsel JUDGMENT DR.VINEET KOTHARI, J. The Assessee has filed the present Appeal under Section 260A of the Income Tax Act, 1961 raising substantial questions of law arising from the order of the Income Tax Appellate Tribunal, dated 23.12.2010 whereby the learned Tribunal dismissed the Appeal of the Assessee on the issue as to whether the Assessee was entitled to claim only the Net value of the sale of DEPB (Duty E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counsel for the Assessee submitted that the said view of the Bombay High Court in the case of Kalpataru Colours and Chemicals supra was later on revised by the Hon'ble Supreme Court in the case of Topman Exports Vs. Commissioner of Income tax reported in [2012 18 taxmann.com 120 (SC) . The relevant portions of the decision of the Hon'ble Supreme Court in this regard are quoted below for ready reference:- The aforesaid discussion would show that where an assessee has an export turnover exceeding ₹ 10 crores and has made profits on transfer of DEPB under Clause (iiid) of Section 28, he would not get the benefit of addition to export profits under third or fourth proviso to sub-section (3) of Section 80HHC, but he would ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in Explanation (baa) to Section 80HHC read with the words used in clause (iiid) and (iiie) of Section 28, the assessee was entitled to a deduction under Section 80HHC on export profits, the benefit of such deduction cannot be denied to the assessee. The impugned Judgement and orders of the High Court are accordingly, set aside. The appeals are allowed to the extent indicated in this Judgement. The Assessing Officer is directed to compute the deduction under Section 80HHC in the case of the assessee in accordance with this Judgement. Case Review : E.D. Sassoon and Co. Limited., v. CIT [1954] 2 6 IR T 27(SC) followed relied upon. CIT vs. Kalpataru Colours and Chemicals [2010] 328 ITR 451 (Bom.) reversed. 5. He therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X
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