https://www.taxtmi.com/caselaws?id=275094 The Court ruled in favor of the Revenue in a challenge to the Income Tax Appellate Tribunal's order regarding the computation of profit under Explanation (baa) of section 80HHC of the Income Tax Act, 1961. The Court held that the benefit of Duty Entitlement Pass Book (DEPB) upon sale by the assessee is eligible for deduction under section 80HHC, rejecting the Tribunal's conclusion that only the amount exceeding the face value of DEPB credit should be considered as profit. The Court set aside the Tribunal's order and allowed the appeals in favor of the Revenue. en-us Wed, 14 Dec 2011 00:00:00 +0530 Tue, 18 Sep 2018 18:08:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275094 The Court ruled in favor of the Revenue in a challenge to the Income Tax Appellate Tribunal's order regarding the computation of profit under Explanation (baa) of section 80HHC of the Income Tax Act, 1961. The Court held that the benefit of Duty Entitlement Pass Book (DEPB) upon sale by the assessee is eligible for deduction under section 80HHC, rejecting the Tribunal's conclusion that only the amount exceeding the face value of DEPB credit should be considered as profit. The Court set aside the Tribunal's order and allowed the appeals in favor of the Revenue. Case-Laws Income Tax Wed, 14 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275094