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The Tax Publishers2020 TaxPub(DT) 1662 (Mad-HC) INCOME TAX ACT, 1961
Section 80HHC
Since matter regarding taxability of DEPB licenses and deduction under section 80HHC stood remanded back to AO in instant case, it was left free for AO to comply with law laid down in case of Topman Exports and pass appropriate orders in accordance with law.
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Deduction under section 80HHC - Allowability - Treatment of DEPB for the purpose of computing deduction under section 80HHC -
Assessee challenged order of Tribunal wherein matter regarding taxability of DEPB licence and deduction under section 80HHC was remanded back to AO to be decided in the light of Topman Exports v. ITO 318 ITR (AT) 87.Held: Since matter stood remanded back to AO in instant case, it was left free for AO to comply with law laid down in case of Topman Exports and pass appropriate orders in accordance with law.
Relied:Topman Exports v. ITO (2009) 318 ITR (AT) 87 (Mum-Trib) : 2009 TaxPub(DT) 1978 (Mum-Trib)
REFERRED : Topman Exports v. ITO 318 ITR (AT) 87.
FAVOUR : Against the assessee.
A.Y. :
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