Treatment of DEPB and DFRC profits as duty drawback adjusts export-profit computation; penalty and interest waived, staggered recovery. Amendment of Section 80-HHC equates profits from sale of DEPB credits and DFRC with duty drawback for computing proportionate export profits, applies retrospectively to specified exporter categories, mandates waiver of penalty and interest where demands arise solely from the amendment, and requires staggered recovery with Assessing Officers maintaining a separate register of such demands.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Treatment of DEPB and DFRC profits as duty drawback adjusts export-profit computation; penalty and interest waived, staggered recovery.
Amendment of Section 80-HHC equates profits from sale of DEPB credits and DFRC with duty drawback for computing proportionate export profits, applies retrospectively to specified exporter categories, mandates waiver of penalty and interest where demands arise solely from the amendment, and requires staggered recovery with Assessing Officers maintaining a separate register of such demands.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
