https://www.taxtmi.com/caselaws?id=76896 The court ruled in favor of the Revenue regarding the interpretation of Section 28(iiid) of the Income Tax Act, stating that only the profit element exceeding the face value from the sale of DEPB entitlements is chargeable under the said section. In contrast, the court favored the Assessee in the computation of export profits under Section 80HHC, holding that freight and insurance costs should be excluded from the export turnover when calculating profits. The case was remanded back to the Assessing Officer for further proceedings in line with the court's judgment. en-us Wed, 07 Jul 2010 00:00:00 +0530 Thu, 15 Mar 2012 16:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76896 The court ruled in favor of the Revenue regarding the interpretation of Section 28(iiid) of the Income Tax Act, stating that only the profit element exceeding the face value from the sale of DEPB entitlements is chargeable under the said section. In contrast, the court favored the Assessee in the computation of export profits under Section 80HHC, holding that freight and insurance costs should be excluded from the export turnover when calculating profits. The case was remanded back to the Assessing Officer for further proceedings in line with the court's judgment. Case-Laws Income Tax Wed, 07 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76896