https://www.taxtmi.com/caselaws?id=371266 The High Court upheld the appeals challenging the Income Tax Appellate Tribunal's order for assessment years 2000-01 and 2002-03. It emphasized that DEPB incentives are part of business profits, falling under Section 28(iiib) and taxable. The court directed a reassessment by the Assessing Officer to evaluate the incentives received. The Third Proviso to Section 80HHC was to be interpreted in line with previous decisions, requiring detailed assessment by the Assessing Officer. The court stressed the need for a thorough evaluation of DEPB and duty drawback benefits as part of sale consideration, aligning with previous rulings and the Apex Court's guidance. en-us Thu, 25 Oct 2018 00:00:00 +0530 Sat, 01 Dec 2018 12:41:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371266 The High Court upheld the appeals challenging the Income Tax Appellate Tribunal's order for assessment years 2000-01 and 2002-03. It emphasized that DEPB incentives are part of business profits, falling under Section 28(iiib) and taxable. The court directed a reassessment by the Assessing Officer to evaluate the incentives received. The Third Proviso to Section 80HHC was to be interpreted in line with previous decisions, requiring detailed assessment by the Assessing Officer. The court stressed the need for a thorough evaluation of DEPB and duty drawback benefits as part of sale consideration, aligning with previous rulings and the Apex Court's guidance. Case-Laws Income Tax Thu, 25 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371266