2011 (12) TMI 499

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....: Dr. B.R.R. Kumar, Sr. DR ORDER PER C.L. SETHI, JUDICIAL MEMBER: The only ground raised by the assessee in this appeal directed against the order dated 10.10.2010 passed by the learned Commissioner of Income tax (Appeals) in the matter of an assessment by the Assessing Officer under sec. 148/143(3) of the Income-tax Act, 1961 (the Act), for the Assessment Year 2002-03 is as under:- &n....

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.... the reason that deduction under sec. 80HHC in respect of DPB receipts has been wrongly claimed by the assessee in the light of the Proviso to sec. 80HHC(3) of the Act. It was noticed by the AO that the assessee had included profit of sale of DPB licence in the eligible profit for the purpose of claiming deduction under sec. 80HHC of the Act. The AO allowed deduction under sec. 80HHC of the Act, o....

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.... in sustaining the disallowance of deduction under sec. 80HHC at Rs. 53,67,087/-. 6. We have heard both the parties and have carefully perused the material on record. It is now an admitted position that the decision of Special Bench of Income-tax Appellate Tribunal, Mumbai in the case of M/s. Topman Exports vs. ITO, 318 ITR(AT) 87 (Mum.)(SB) on which reliance was placed by the assessee before t....

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....(3) i.e. (1) the assessee had an option to choose either the Duty Drawback or Duty Entitlement Pass Book Scheme, being the Duty Remission Scheme, and (2) rate of drawback credit attributable to the custom duty was higher than the rate of credit allowable under the Duty Entitlement Pass Book Scheme being the Duty Remission Scheme, are not satisfied in the assessee's case. The learned CIT(A) has rec....