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of <h1>Amendment to Section 80-HHC: Changes in DEPB and DFRC Profit Treatment for Exporters; No Penalties on New Demands.</h1> Section 80-HHC of the Income-tax Act, 1961 has been amended by the Taxation Laws (Amendment) Act, 2005, affecting the treatment of profits from the sale of Duty Entitlement Pass Book Scheme (DEPB) credits and Duty Free Replenishment Certificates (DFRC). For exporters with turnover not exceeding Rs.10 crores, profits from these sales are treated similarly to duty drawbacks. For exporters exceeding Rs.10 crores, specific conditions apply. The amendments are retrospective, and no penalties or interest will be imposed on new demands due to these changes. Existing penalties and interest will be waived, and any demands will be recovered over five years.
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