Opalium International Exports v. Dy. Commissioner Of Income Tax

ASN IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.569 OF 2011 Opalium International Exports. v. Dy. Commissioner of Income Tax. ...Appellant. ...Respondent. Mr. S.J. Mehta with Ms. Aarti Vissanji for the Appellant.Mr.D.K. Kamwal for the Respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATE : 20[th] November, 2012 PC: The questions of law raised by the appellant-assessee in this appeal read thus: 1)Whether on the facts and circumstances of the case the Tribunal is right in directing the respondent No.1 to decide the issue of deduction under Sec.80 HHC of the Act in accordance with the decision of this Court in the case of CIT v. Kalpataru Colours and Chemicals? 2)Whether on the facts and circumstances of the case the Tribunal was right in holding that the entire amount received on sale of DEPB entitlement represent profit chargeable under Section 28(iiid) of the Act? 3)Whether on the facts and in the circumstances of the case the Tribunal was right in holding that face value of DEPB is not chargeable under Sec. 28(iiib) but is chargeable under Sec.28(iiid) of the Act? 2)Since the Income Tax Tribunal has restored the matter to the file of the Assessing officer, we are not inclined to entertain the appeal. However, the Assessing Officer while giving effect to the order of the ITAT shall take into consideration the Judgment of the Apex Court in the case of Topman Exports v. Commissioner of Income Tax reported in (2012) 342 ITR 49 (SC) . 3)The appeal is disposed of in the above terms with no order as to costs. (M.S.SANKELCHA, J.) (J.P. DEVADHAR, J.)