https://www.taxtmi.com/caselaws?id=205234 The High Court clarified that the entire amount, including the premium, from the sale of Duty Entitlement Pass Book (DEPB) should be considered as profit chargeable under sections 28(iiid) and 28(iiie) of the Income Tax Act, 1961. It emphasized that the profit calculation should not deduct the face value of DEPB from the sale price. The Court also highlighted the need to compute the deduction under section 80HHC in line with the retrospective amendment from 01.04.1998. The case was remanded to the ITAT for a fresh decision, following a similar precedent, with liberty for the respondents to challenge the order if dissatisfied. en-us Tue, 15 Feb 2011 00:00:00 +0530 Tue, 07 Jun 2011 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205234 The High Court clarified that the entire amount, including the premium, from the sale of Duty Entitlement Pass Book (DEPB) should be considered as profit chargeable under sections 28(iiid) and 28(iiie) of the Income Tax Act, 1961. It emphasized that the profit calculation should not deduct the face value of DEPB from the sale price. The Court also highlighted the need to compute the deduction under section 80HHC in line with the retrospective amendment from 01.04.1998. The case was remanded to the ITAT for a fresh decision, following a similar precedent, with liberty for the respondents to challenge the order if dissatisfied. Case-Laws Income Tax Tue, 15 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205234