Aloka Exports v. Dy.commissioner Of Income Tax-17(2

srk IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL LODGING NO.1135 OF 2011 Aloka Exports ...Appellant Versus Dy.Commissioner of Income Tax-17(2) ...Respondent Mr.Akhileshwar Sharma for appellant. Mr.Vimal Gupta with Mr.D.K.Mamwal for respondent. CORAM: DR.D.Y. CHANDRACHUD & M.S.SANKLECHA, JJ. February 28, 2012. P.C. This appeal arises out of an order of the ITAT dated 9 February 2011 for Assessment Year 2001-01. Though several questions of law have been framed, counsel appearing on behalf of the assessee has pressed only the following substantial question of law. Whether on the facts and in the circumstances of the case, the Tribunal was correct in setting aside the order of the CIT (Appeal) in respect of computation of profit on transfer of DEPB and remitted the matter to the Assessing Officer to decide the matter afresh in accordance with the Judgment of the High Court in the case of Kalpataru Colours and Chemicals[1] when the said order is challenged in the Hon’ble Supreme Court and the apex court has not taken a final view. 2. Counsel appearing on behalf of the Revenue and the counsel for the assessee are agreed that the aforesaid question would stand answered in favour of the assessee and against the Revenue in view a judgment of the Supreme Court in Topman Exports vs. Commissioner of Income Tax[2]. The question of law shall accordingly stand answered in terms of the judgment of the Supreme Court, in favour of the assessee. 1. (2010) 192 Taxman 435 (Bom) 2. [2012] 18 taxmann.com 120 itxal-1135-2011 However, in terms of the directions issued by the Supreme Court, the Assessing Officer is directed to compute the deduction under Section 80HHC in the case of the assessee in accordance with law laid down by the Supreme Court. Appeal stands disposed of accordingly with no order as to costs. (DR.D.Y. CHANDRACHUD,J.) (M.S.SANKLECHA, J.)