Itxa/2399/2011 Of Texport (India) v. The Asst. Commissioner Of Income Tax Circle -21 (3)

sas IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2399 OF 2011 INCOME TAX APPEAL NO.2400 OF 2011 M/s. Texport (India) ..Appellant. V/s. The Asstt. Commissioner of Income Tax, Circle 21(3), Mumbai ..Respondent. Mr. K.R. Chaudhary with R.V. Shetty for the appellant.Mr. Suresh Kumar for the respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATED : 15TH MARCH, 2013 P.C. :- 1.In these appeals by the revenue for the assessment years 1999-2000 and 2000-01, following of common questions are raised for our consideration :- (a)Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in its conclusion that the entire sale proceeds received on transfer of DEPB licence including the fact value has to be consideration as profit under Section 28(iiid) and accordingly reduced while calculating deduction under Section 80HHC of the Act ? b)Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in ignoring the statutory provision contained in section 28(iiid) which provided for only the 'profit' on transfer of the DEPB licence being subjected to tax in the year of transfer and not the sale poceeds itself ? 2.Counsel for the parties state that the issue arising herein is covered by the decision of the Supreme Court in the matter of Topman Exports V/s. CIT reported in 2012 (277) E.L.T. 10 (S.C.). In view of the above, the impugned order dated 16[th] September, 2011 dealing with both the assessment years is set aside and the issue is restored to the file of assessing officer to decide afresh in the light of the decision of the Apex Court in Topman Exports (supra). 3.The appeals are disposed of in the above terms with no order as to costs. (M.S. SANKLECHA, J.) (J.P. DEVADHAR, J.)