TaxTMI 
TaxTMI 
2010 (1) TMI 783
X X X X Extracts X X X X
X X X X Extracts X X X X
....of the assessee u/s 80HHC for the DEPB entitlement received by him. ii) In confirming thedisallowance of the claim of the assessee u/s 80HHC on the Export sale of Rs.46,36,970/- iii) In confirming the income of Rs.10,601/- as income from other sources instead of income from business and thus disallowing the rebate u/s 80HHC on the same. iv) In not allowing the claim of the assessee for netting the interest 5received and paid by the assessee. 3. It was submitted by Ld. AR of the assessee that ground No.3 is not pressed and hence ground No.3 is rejected as not pressed. 4. Regarding ground No.1, it was submitted by the Ld AR of the assessee that this issue has to be restored back to the file of....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the purpose of computation of deduction allowable to the assessee under section 80 HHC of the Act but the same was not added back as per the amended provision of section 80HHC. Now, as per the decision of the Special Bench of the Tribunal rendered in the case of Topman Exports (supra), 90% of profit on sale of DEPB is to be excluded and not 90% of total DEPB receipts. Special Bench of the Tribunal has also decided the manner of computation of profit on sale of DEPB and as per the Special Bench, face value of DEPB is to be reduced from sale proceeds of DEPB and if the sale proceeds is higher than the face value, such excess is profit on sale of DEPB. We, therefore, set aside the order of the Ld CIT(A) on this issue and restore this matter b....
X X X X Extracts X X X X
X X X X Extracts X X X X
....providing adequate opportunity of being heard to the assessee. If the Assessing Officer finds that this RBI Master Circular is applicable in the present case and the export proceeds were realized as per this RBI Master circular, then such export proceeds should not be reduced from export turnover for the purpose of computation of deduction allowable to the assessee u/s 80HHC.Ground No.2 is also allowed for statistical purposes. 8. Ground No.3 is rejected as not pressed. 9. Regarding ground No.4, we find that It is noted by the Assessing Officer on page No.3 of the assessment order that the assessee has earned interest income of Rs.24.27.402/-. The Assessing Officer has excluded the same from business profit and taxed the....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... b) Out of foreign traveling expenses of Rs. 30,000/-. c) Out of vehicle related expenses of Rs. 59,919/-. 11. Brief facts of the case are that the assessee has incurred vehicle expenses of Rs.2,08,374/- and depreciation on vehicle of Rs.3,31,190/-. The Assessing Officer asked the assessee to file the copy of log book to justify that the vehicles have been used exclusively for business purposes. It was submitted by the assessee that no such log book was maintained. Under these facts, it was held by Ld Assessing Officer that non business and personal use of vehicle by the assessee and his family members cannot be ruled out. He made disallowance of 1/8th of these expenses amounting to Rs.67,446/-. Similarly, out ....