9911796707
TMI Blog2021 (4) TMI 364X X X X Extracts X X X X X X X X Extracts X X X X ..... facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that there was no justification for the Assessing Officer to reopen the assessment and bring to tax sale proceeds of DEPB/DFRC licenses which was amended retrospectively? 2)Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the re-assessment is bad in law, when there is failure on the part of assessee to disclose fully and truly the details of claim of deduction u/s 80 HHC of the Act?" 3.The issue involved in the present appeal is regarding taxability of proceeds generated in the hands of the assessee on sale of DEPB/DFRC entitled to it as an exporter. 4.The assessment was originally co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed appeals before the Commissioner of Income Tax (Appeals) but the Commissioner of Income Tax (Appeals) sustained the orders of the Assessing Officer. The appellant filed appeals before the Income Tax Appellate Tribunal (for short `the Tribunal') and the Tribunal following the order dated 11.08.2009 of the Special Bench of the Tribunal at Mumbai in the case of Topman Exports v. ITO [2009] 33 SOT 337/ [2010] 124 ITD 1 (Mum.) (SB) allowed the appeals and held that the face value of the DEPB will be `cash assistance' against export and will fall under Section 28(iiib) of the Act and the sale value less the face value of the DEPB will be profit on transfer of DPB and will fall under Section 28(iiid) of the Act. 4.Aggrieved, the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut of S.L.P.(C) No.32450 of 2010 ACG Associated Capsules (P) Ltd v. CIT [2012] 18 Taxmann.com 137 (SC) and other connected appeal affirming the judgment of the Delhi High Court in Shri Ram Honda Power Equip (supra). These two appeals are disposed of in terms of our aforesaid two judgments. There shall be no order as to costs." 6.On a reading of the decision of the Hon'ble Supreme Court, cited supra, it is clear that the first question of law raised in the above appeal was decided in favour of the assessee and against the Revenue. 7.The learned standing counsel appearing for the appellant - Revenue has not produced any contra judgment. 8.In view of the ratio laid down by the Hon'ble Supreme Court in the judgment [2012] 19 taxmann. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
