2012 (2) TMI 546

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s against separate orders of CIT(A), relating to A.Y. 2003-04 & 2000-01 respectively, challenging calculation of deduction u/s 80-HHC in respect of following items: (i) interest income. (ii) holding that as per section 28(iiid) of the Act it is only the gross figure of profits arising on transfer of DEPB which are required to be reduced under clause (baa) of the Explanation of se....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....mmissioner of Income Tax Vs. Kalpataru Colours and Chemicals, 328 ITR 451. 4. Since the Tribunal had simply followed Special Bench decision in Tompan Exports (supra) which stands over ruled, we set aside the order passed by the Tribunal in all these cases and remit the cases back to the Tribunal to decide these appeals on merits after taking into account factual position in all these case....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ate to restore the issue back to the file of AO with the directions to decide the same in accordance with law, by way of a speaking order after giving the assessee a reasonable opportunity of being heard. 4. In the result, the appeal of the assessee is allowed for statistical purposes." 4. Learned DR is heard on the issue. 5. We have heard rival submissions and gone through the rele....