https://www.taxtmi.com/caselaws?id=210467 The SC held that the face value of a DEPB is cash assistance taxable under s.28(iiib), while profit on transfer is the excess of sale price over face value taxable under s.28(iiid). The Bombay HC erred in treating the entire sale proceeds as profit on transfer. The SC directed that deduction under s.80HHC be computed accordingly, noting exporters with turnover over Rs.10 crore lose certain proviso benefits but remain entitled to exclusions under explanation (baa). The HC judgment was set aside, appeals allowed to the extent indicated, and the AO directed to recompute deductions; no costs. en-us Wed, 08 Feb 2012 00:00:00 +0530 Mon, 18 Aug 2025 16:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210467 The SC held that the face value of a DEPB is cash assistance taxable under s.28(iiib), while profit on transfer is the excess of sale price over face value taxable under s.28(iiid). The Bombay HC erred in treating the entire sale proceeds as profit on transfer. The SC directed that deduction under s.80HHC be computed accordingly, noting exporters with turnover over Rs.10 crore lose certain proviso benefits but remain entitled to exclusions under explanation (baa). The HC judgment was set aside, appeals allowed to the extent indicated, and the AO directed to recompute deductions; no costs. Case-Laws Income Tax Wed, 08 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210467