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TMI Blog2021 (4) TMI 364X X X X Extracts X X X X X X X X Extracts X X X X ..... on'ble Mrs.Justice T.V.Thamilselvi For the Appellant : Mrs.V.Pushpa, Standing Counsel For the Respondent : Mr.K.M.Aasim Shehzad JUDGMENT M.DURAISWAMY, J. Challenging the order passed in I.TA.No.1028/Mds/2013 in respect of the assessment year 2004-05 on the file of the Income Tax Appellate Tribunal, Chennai, C Bench, the Revenue has filed the above appeal. 2.The appellant has raised the following substantial questions of law in the grounds of appeal: 1)Whether on the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t years 2001-2002 and 2004-2005, the appellant filed returns of income claiming deductions in respect of profits retained for export business under Section 80HHC of the Income Tax Act, 1961 (for short `the Act'). The Assessing Officer held in the assessment orders that the entire sale value of Duty Entitlement Pass Book (for short `DEPB') represents profit on transfer of DEPB under Section 28(iiid) of the Act and did not allow the amount of deduction claimed by the appellant under Section 80HHC. The appellant 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 (f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... excludes profits of DEPB from total turnover and the High Court held that this issue was covered by its judgment in the case of CIT v. Shri Ram Honda Power Equip [(2007) 289 ITR 475/158 Taxman 474 (Delhi)]. 5.We have today delivered judgment in Civil Appeal arising out SLP (C) No.26558 of 2010 Topman Exports v. Commissioner of Income Tax and other connected appeals setting aside the judgment of the Bombay High Court in Kalpataru Colours and Chemicals (supra) . We have also delivered a separate judgment in Civil Appeal arising out 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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