2013 (6) TMI 225

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....the parties. 2. This appeal was admitted on the following substantial question of law by this Court on 11th January, 2010:- "Whether for the purpose of sub-section iii(d) of Section 28 and Section 80 HHC of the Income Tax Act, it is the profit on transfer of the Duty Entitlement Pass Book Scheme that is required to be taken into consideration and not the quantum of sale proceeds?" 3. Lear....

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.... HHC, but he would get the benefit of exclusion of a smaller figure from "profits of the business" under Explanation (baa) to section 80HHC of the Act and there is nothing in Explanation (baa) to section 80HHC to show that this benefit of exclusion of a smaller figure from "profits of the business" will not be available to an assessee having an export turnover exceeding Rs. 10 crores. In other wor....

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....PB under section 28(iiid) would not include the face value of the DEPB. It is a well-settled principle of statutory interpretation of a taxing statute that a subject will be liable to tax and will be entitled to exemption from tax according to the strict language of the taxing statute and if as per the words used in Explanation (baa) to section 80HHC read with the words used in clause (iiid) and (....