2011 (3) TMI 9

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....Mr.Amit Sachdeva, Advocate A.K. SIKRI, J. (ORAL) 1. This appeal involves the following questions of law:- "(a) Whether on a correct interpretation of the relevant statutory provisions, Tribunal was justified in law in directing the Assessing Officer to allow deduction under section 80HHC of the Act in respect of "profit" on sale of DEPB? (b)Whether on the facts of the present case, Tri....

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....ng the excess of sale proceeds of DEPB over its face value is liable to be considered u/s 28(iiid) at the time of its sale. 3. The Revenue had filed the appeal in the High Court Adjudicate at Bombay against the aforesaid decision of the Special Bench of the ITAT. The Bombay High Court has reversed the decision of the Tribunal and the judgment of the Bombay High Court is reported as Commissioner....