2011 (3) TMI 129

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.... ADARSH KUMAR GOEL, J.   1. This appeal has been preferred by the revenue under Section 260-A of the Income Tax Act, 1961 (for short, "the Act") against the order of the Income Tax Appellate Tribunal, Chandigarh in I.T.A. No.768/CHANDI/2008 dated 31.8.2009 for the assessment year 2004-05 proposing to raise following substantial questions of law:-   "(i) Whether on the facts and ci....

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....e, the Hon'ble Income Tax Appellate Tribunal is justified in law in not holding that 90% amount of DEPB was rightly excluded while working "Profits of the Business" as per explanation (baa) to section 80 HHC read with clause (iiid) and (iiie) of section28 of the Income Tax Act, 1961 inserted by Taxation Laws (Amendment) Act 2005?"   (iii) Whether on the facts and circumstances of the case,....

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....n not holding that profit on transfer of DEPB entitlement represents the entire amount inclusive of premium of sale of such DEPB?   (vi) Whether on the facts and circumstances of the case, the ITAT is right in law in holding that the word "profit" referred to in Sections 28(iiid) and 28(iiie) of the Income Tax Act, 1961 means the difference between the sale price of DEPB and the face value....

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....ion 80HHC of the Income Tax Act, 1961?   (vi) Whether on the facts and circumstances of the case, the ITAT is right in law in not appreciating that deduction u/s 80HHC of the Income Tax Act, 1961 was rightly computed in accordance with amendment made by the Taxation Laws (Amendment) Act, 2005 with retrospective effect from 01.04.1998?"   2. Learned counsel for the appellant states ....