2013 (7) TMI 257

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.... Rs. 1,78,958/-will not be eligible for deduction u/s 80 HHC and not the full sale consideration received on DEPB license and further that the learned Commissioner of Income Tax (Appeals)-35 erred in confirming the same. 2. The learned Assistant Commissioner of Income Tax has erred in charging interest u/s 234B of the Income Tax Act 1961 amounting to Rs.8,84,790/- in view of Amendment in section 80HHC by the taxation laws (Amendment) Act, 2005 and Circular No.02/2006 dated 17-01-2006. 3. The Appellant craves leave to alter and/or modify and/or delete and/or amend the above grounds of appeal before or at the time of hearing." 2. First ground of appeal filed by the assessee pertains to disallowance of deduction u/s 80HHC on sale of D....

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.... and Chemicals was not entitled to deduction u/s 80HHC. 2.2.Before us Authorised Representative (AR) submitted that issue of deduction u/s 80HHC on sale of DEPB licence was covered in favour of the assessee by the judgment of the Hon'ble Supreme Court in the case of Topman Exports(order dated 08.02.2012) in Civil Appeal No.1699 of 2012. He further submitted that for the AY.2000-01 similar issue has been decided by the 'A' Bench of the ITAT Mumbai in favour of the assessee vide its order dated 05.12.2012 (ITA No. 3447/Mum/2011).DR supported the order of the AO and the FAA. 2.3.We have heard the rival submissions and perused the material before us, we find that 'A' Bench of Mumbai Tribunal has decided the issue following the decision of....