2016 (8) TMI 1459

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....pondent : Shri Chandra Vijay,DR ORDER PER SHAILENDRA KUMAR YADAV, J.M: This appeal has been filed by assessee against the order of Commissioner of Income-Tax (Appeals)-XXVI, Mumbai, dated 12.10.2007 for A.Y. 2004-05 on following ground: "1. That the learned Commissioner of Income Tax (Appeals) has erred in confirming the disallowance of deduction u/s.80HHC amounting to Rs. 38,18,....

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....as reasonable cause for delay in filing the appeal. We therefore, in the interest of justice, condone the delay and admit the appeal for adjudicating the dispute." 4. Nothing contrary was brought to our knowledge on behalf of Revenue. Facts being similar, so, following same reasoning, we are of the view that there is a reasonable cause for delay in filing the appeal, so in the interest of natur....

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....wever not been upheld by Hon'ble High Court of Bombay in case of CIT Vs. Kalpataru Colours & Chemicals Ltd.(328 ITR 451) in which it was held that the entire DEPB income including the face value has to be considered as a profit u/s 28(iii d). However the Hon'ble Supreme Court recently in case of Topman Exports Ltd. (Supra) have not upheld the view taken by the Hon'ble High Court of Bom....