https://www.taxtmi.com/caselaws?id=202525 The Tribunal's allowance of deduction under section 80HHC for DEPB profits could not stand because it had rested on a Special Bench view that was later overruled by the Bombay High Court. The High Court held that, once the legal foundation of the Tribunal's reasoning had fallen away, the order required interference and reconsideration under the corrected legal position. The assessee's entitlement on the merits was not finally determined; the matter was remitted to the Tribunal for fresh adjudication on the DEPB-related deduction issue in light of the applicable law and factual record. en-us Tue, 22 Mar 2011 00:00:00 +0530 Thu, 31 Mar 2011 13:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202525 The Tribunal's allowance of deduction under section 80HHC for DEPB profits could not stand because it had rested on a Special Bench view that was later overruled by the Bombay High Court. The High Court held that, once the legal foundation of the Tribunal's reasoning had fallen away, the order required interference and reconsideration under the corrected legal position. The assessee's entitlement on the merits was not finally determined; the matter was remitted to the Tribunal for fresh adjudication on the DEPB-related deduction issue in light of the applicable law and factual record. Case-Laws Income Tax Tue, 22 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202525