2011 (4) TMI 858

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....for the appellant.   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.311/CHANDI/2007 dated14.5.2010 for the assessment year 2003-04 claiming following substantial questions of law:-   "(i) Whether on ....

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....noring the fact that the entire amount represents the profit in the hands of assessee?   (iv) Whether on the facts and circumstances of the case, the ITAT is right in law in deducting the face value of DEPB from sale price of DEPB for calculating profit under Sections 28(iiid) and 28(iiie) of the Income Tax Act, 1961 as if the face value is the cost incurred by the assessee to acquire the ....

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.... 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 I.T.A. No.93 of 2011 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?"   (viii) Whether on the facts and circum....

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....Topman Exports 318 ITR 87 (Mum) (SB) by relying upon which the Hon'ble ITAT Chandigarh decided the issue of deduction u/s 80 HHC on DEPB against the Department, has been reversed by the Hon'ble Mumbai High Court in the case of CIT Vs Kalpataru Colours and Chemicals in ITA (Lodg.) No.2887 of 2009 dated 28/29 June 2010 holding that it is not permissible to bifurcate the proceeds of the DEPB into "fa....