TaxTMI 
TaxTMI 
2012 (4) TMI 52
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....s, we frame the following substantial question of law : "Whether the Income Tax Appellate Tribunal has erred in holding that duty entitlement pass book credit was cash assistance within the meaning of clause (iiib) to Section 28 of the Income Tax Act, 1961 and the entire amount including the premium received on transfer of DEPB was "profit" under clause (iiid) of Section 28 of the aforesaid Act an....
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....d by the assessee was not taken for scrutiny and was processed u/s 143(1) and accordingly, the claim under Section 80HHC was allowed. Thereafter, vide notice stated 25.03.2009 under Section 148 of the Act, the assessment was taken up for scrutiny and an assessment order was passed. The Assessing Officer treated the gross amount of DEPB (i.e. premium received on transfer plus the credit to the DEPB....
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....ions of the third proviso to Section 80HHC (3) of the Act were not fulfilled and therefore only conditional benefit in computation would be granted. 7. Two cross appeals filed by the Revenue as well as the assessee have been disposed of by the impugned order dated 29.3.2011. The Tribunal has followed the decision of the Bombay High Court in the case of CIT Vs. Kalpataru Colours & Chemicals (2010)....