https://www.taxtmi.com/caselaws?id=245491 The High Court interpreted Sections 28(iii)(d) and Explanation (baa) of Section 80 HHC of the Income Tax Act regarding profits from DEPB credit transfers. It concluded that only profits from such transfers are eligible for deduction under these sections, citing the Supreme Court's decision in Topman Exports v. CIT. The court did not extensively discuss whether DEPB credit could be considered a cost in profit calculations, relying on the Topman Exports precedent. Additionally, the court determined that income from selling DEPB licenses should be treated as business profit for availing deductions under Section 80HHC, aligning with the Supreme Court's precedent. The Revenue's Tax Appeals were dismissed based on the Topman Exports case. en-us Tue, 18 Mar 2014 00:00:00 +0530 Mon, 31 Mar 2014 10:16:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245491 The High Court interpreted Sections 28(iii)(d) and Explanation (baa) of Section 80 HHC of the Income Tax Act regarding profits from DEPB credit transfers. It concluded that only profits from such transfers are eligible for deduction under these sections, citing the Supreme Court's decision in Topman Exports v. CIT. The court did not extensively discuss whether DEPB credit could be considered a cost in profit calculations, relying on the Topman Exports precedent. Additionally, the court determined that income from selling DEPB licenses should be treated as business profit for availing deductions under Section 80HHC, aligning with the Supreme Court's precedent. The Revenue's Tax Appeals were dismissed based on the Topman Exports case. Case-Laws Income Tax Tue, 18 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245491