High Court rules 90% exclusion of DEPB profits for Section 80HHC calculation

The High Court of Gujarat held that 90% of the profits on the transfer of Duty Entitlement Pass Book (DEPB) should be excluded for the computation of business profit under Section 80HHC, rather than considering the total amount received by the assessee.

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The High Court of Gujarat admitted the case and issued notice to the respondent on the substantial question of law regarding the computation of business profit under Section 80HHC. The question is whether 90% of the profits on transfer of DEPB should be excluded or the total amount received by the assessee.

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