Technocraft Industries (India) Ltd v. The Commissioner Of Income Tax-8

srk IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPEAL NO.1644 OF 2011 Technocraft Industries (India) Ltd. ...Appellant Versus The Commissioner of Income Tax-8 ...Respondent Mr.Pankaj R. Toprani for appellant.Mr.Vimal Gupta for respondent. CORAM: DR.D.Y. CHANDRACHUD & M.S.SANKLECHA, JJ. March 20, 2012. P.C. 1.This appeal arises out of a decision of the Income Tax Appellate Tribunal dated 8 April 2011. The Assessment Year to which the appeal relates is AY 2002-2003. 2.The following substantial questions of law have been raised in this appeal by the assessee: (a)Whether on the facts and in the circumstances of the case and in law, was the Tribunal justified in holding that the entire amount received on the sale of the DEPB entitlement passbook represent profits chargeable u/S.28(iiid) of Income Tax Act; (b)Whether on the facts and in the circumstances of the case and in law was the Tribunal justified in disallowing deduction u/S. 80HHC on DEPB License sale (export incentive)? 3.The appeal is admitted and by consent is taken up for hearing and final disposal. Counsel appearing on behalf of the assessee and the counsel appearing for the Revenue state that these questions are covered in favour of the assessee and against the Revenue by the judgment of the Supreme Court in Topman Exports Vs. Commissioner of Income Tax[1] . Hence in terms of the aforesaid judgment the Assessing Officer is directed to compute the deduction under Section 80HHC in accordance with the judgment of the Supreme Court. The appeal is accordingly disposed of by answering the questions of law in the negative. There shall be no order as to costs. (DR.D.Y. CHANDRACHUD,J.) (M.S.SANKLECHA, J.)