https://www.taxtmi.com/caselaws?id=181519 The High Court remanded the issues concerning the computation of deduction under section 80HHC of the Income Tax Act back to the Tribunal for fresh decision in accordance with law. It emphasized that income from DEPB, DBK, and DFRC should be treated as business income for the purpose of deduction under Section 80HHC. The Tribunal followed the Bombay High Court's decision, holding that the entire amount received on transfer of DEPB credit, including the face value, constitutes profit chargeable under sections 28(iiid) and 28(iiie) of the Income Tax Act. The appeals were allowed for statistical purposes. en-us Thu, 30 Jun 2011 00:00:00 +0530 Thu, 29 Dec 2016 18:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181519 The High Court remanded the issues concerning the computation of deduction under section 80HHC of the Income Tax Act back to the Tribunal for fresh decision in accordance with law. It emphasized that income from DEPB, DBK, and DFRC should be treated as business income for the purpose of deduction under Section 80HHC. The Tribunal followed the Bombay High Court's decision, holding that the entire amount received on transfer of DEPB credit, including the face value, constitutes profit chargeable under sections 28(iiid) and 28(iiie) of the Income Tax Act. The appeals were allowed for statistical purposes. Case-Laws Income Tax Thu, 30 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181519