2009 (4) TMI 156

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....    HON'BLE MR. JUSTICE S.H. KAPADIA    HON'BLE MR. JUSTICE AFTAB ALAM     For Petitioner(s) Mr. Ramesh P. Bhatt, Sr.Adv.             Mr. Dattatray Vyas, Adv.             Mr. Manish Sharma, Adv.       &nbsp....

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....lement licences (IL) shall be taxable under the head "Profits and Gains of Business or Profession". In view of this amendment, the above three export incentives have got to be included in the profits of the business for computing the deduction under Section 80HHC. In this case we are only concerned with two out of three above-mentioned export incentives, namely, duty drawback and profits arisin....

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.... Import and Exports (Control) Act, 1947 and duty drawback repayable against exports under the Customs and Central Excise Duties Drawback Rules, 1971, are alone includible in the profits of a business for computing the deduction under Section 80HHC. However, according to the A.O., in the present case, the assessee claims to have earned profits on the sale of DEPB licence under Foreign Trade (Develo....