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TMI Blog2009 (4) TMI 156X X X X Extracts X X X X X X X X Extracts X X X X ..... h retrospective effect with a view to ensure that cash compensatory support (CCS), duty drawback (DD) and profit on sale of import entitlement licences (IL) shall be taxable under the head "Profits and Gains of Business or Profession" – assessee claims the deduction of duty drawback and DEPB – held that - None of the above questions have been decided by the High Court. In the circumstances, we s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal pertains to assessment year 2001-02. By the Finance Act, 1990, Section 28 of the Income-tax Act, 1961 has been amended by inserting therein, clauses (iiia), (iiib) and (iiic) with retrospective effect with a view to ensure that cash compensatory support (CCS), duty drawback (DD) and profit on sale of import entitlement licences (IL) shall be taxable under the head "Profits and Gains of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or excise re-paid or re-payable as drawback to any person against exports under the Customs and Central Excise Duties Drawback Rules, 1971." According to the A.O., under Section 28(iiia) of the said Act, profits on sale of a licence granted under Imports (Control) Order, 1955, made under the Import and Exports (Control) Act, 1947 and duty drawback repayable against exports under the Customs and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and, therefore, the assessee was not entitled to include such incentives in the business profits for computing the deduction under Section 80HHC. One more finding has been given by the A.O., namely, that the assessee was not entitled to claim the benefit under Section 80HHC because the assessee during the assessment year in question has derived negative profits (loss) from export of trading goods ..... X X X X Extracts X X X X X X X X Extracts X X X X
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