https://www.taxtmi.com/caselaws?id=211660 The Supreme Court clarified that Duty Entitlement Pass Book (DEPB) credit falls under Section 28(iiib) of the Income Tax Act, while the premium received represents profits chargeable under Section 28(iiid). The appellant, a partnership firm in the export business, was entitled to a deduction under Section 80HHC, with the computation to be adjusted accordingly. The Court ruled in favor of the assessee, setting aside the Bombay High Court decision and remanding the matter to the Assessing Officer for further examination of the third proviso to Section 80HHC(3). en-us Mon, 26 Mar 2012 00:00:00 +0530 Fri, 30 Mar 2012 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211660 The Supreme Court clarified that Duty Entitlement Pass Book (DEPB) credit falls under Section 28(iiib) of the Income Tax Act, while the premium received represents profits chargeable under Section 28(iiid). The appellant, a partnership firm in the export business, was entitled to a deduction under Section 80HHC, with the computation to be adjusted accordingly. The Court ruled in favor of the assessee, setting aside the Bombay High Court decision and remanding the matter to the Assessing Officer for further examination of the third proviso to Section 80HHC(3). Case-Laws Income Tax Mon, 26 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211660