2012 (11) TMI 417

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.... PER: SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER.   These two Miscellaneous Applications both dated 4-4-12 filed on 9-4- 2012 are filed by the assessee in respect of ITA, No.634/Ahd/2008 (for A.Y. 1999-2000) and ITA. No.635/Ahd/2008 (for A.Y. 2004-05). 2. In MA. No.75/Ahd/2012, the assessee has stated that Ground Nos.3, 4 and 5 of ITA No.634/AHD/2008 (A.Y. 1999-2000) was with respect to taxab....

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....ismissed the assessee's appeal. 4. Before us it is now submitted that the Hon'ble Apex Court in the case of Topman Exports vs. CIT reported at 247 CTR 353 has held that only 90% of the profit on sale of DEPB license is to be excluded and not the entire sum for working out deduction u/s. 80HHC. In view of the aforesaid decision of Apex Court in the case of Topman Exports (supra) the Ld. A.R. submi....

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....ting aside aforesaid order of Hon'ble Bombay High Court held that profit on transfer of DEPB would be sale value of DEPB less its face value which represents the cost of DEPB and not the entire sum received by assessee on such transfer. 7. The Hon'ble Apex Court in the case of ACIT vs. Saurashtra Kutch Stock Exchange Ltd. (2008) 305 ITR 227 has held that non consideration of a decision of jurisdi....