{"id":52736,"date":"2011-09-20T00:00:00","date_gmt":"2011-09-19T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/the-vs-unknown-on-20-september-2011"},"modified":"2018-03-18T22:24:58","modified_gmt":"2018-03-18T16:54:58","slug":"the-vs-unknown-on-20-september-2011","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/the-vs-unknown-on-20-september-2011","title":{"rendered":"The vs Unknown on 20 September, 2011"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">The vs Unknown on 20 September, 2011<\/div>\n<div class=\"doc_author\">Author: Akil Kureshi, Gokani,<\/div>\n<pre>  \n Gujarat High Court Case Information System \n    \n  \n    \n\n \n \n    \t      \n         \n\t    \n\t\t   Print\n\t\t\t\t          \n\n  \n\n\n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t\n\n\n \n\n\n\t \n\nTAXAP\/1507\/2010\t 3\/ 3\tORDER \n \n \n\n\t\n\n \n\nIN\nTHE HIGH COURT OF GUJARAT AT AHMEDABAD\n \n\n \n\n\n \n\nTAX\nAPPEAL No. 1507 of 2010\n \n\n \n=========================================================\n\n \n\nTHE\nCOMMISSIONER OF INCOME TAX - Appellant(s)\n \n\nVersus\n \n\nHIRAVATI\n&amp; COLD STORAGE, - Opponent(s)\n \n\n=========================================================\n \nAppearance\n: \nMRS\nMAUNA M BHATT for\nAppellant(s) : 1, \nNone for Opponent(s) :\n1, \n=========================================================\n\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\nCORAM\n\t\t\t: \n\t\t\t\n\t\t\n\t\t \n\t\t\t \n\nHONOURABLE\n\t\t\tMR.JUSTICE AKIL KURESHI\n\t\t\n\t\n\t \n\t\t \n\t\t \n\t\t\t \n\nand\n\t\t\n\t\n\t \n\t\t \n\t\t \n\t\t\t \n\nHONOURABLE\n\t\t\tMS JUSTICE SONIA GOKANI\n\t\t\n\t\n\n \n\n \n \n\n\n \n\nDate\n: 20\/09\/2011 \n\n \n\n \n \nORAL\nORDER<\/pre>\n<p>(Per<br \/>\n: HONOURABLE MR.JUSTICE AKIL KURESHI)<\/p>\n<p>Revenue<br \/>\n\tis in appeal against the judgment of the Tribunal dated 30th<br \/>\n\tNovember, 2009. Following questions are presented for our<br \/>\n\tconsideration.\n<\/p>\n<p>(A)\t&#8220;Whether<br \/>\nthe Appellate Tribunal is right in law and on facts in holding that<br \/>\nwhile computing the profit of the business under Explanation (baa) of<br \/>\nsection 80HHC, 90% of the profits on transfer of DEPB should be<br \/>\nexcluded, not the total amount received by the assessee on the<br \/>\ntransfer of DEPB credit?&#8221;\n<\/p>\n<p>(B)\t&#8220;Whether<br \/>\nthe Appellate Tribunal is right in law and on facts in holding that<br \/>\nthe cost of acquisition in the case of DEPB cannot be NIL but it will<br \/>\nbe the credit value given to the assessee under the scheme as that<br \/>\nrepresents the incidence of the customs duty on the import content of<br \/>\nthe export product which the assessee has already paid at the time of<br \/>\nimport?&#8221;\n<\/p>\n<p>The<br \/>\n\tissue pertains to the benefit of deduction under Section 80HHC of<br \/>\n\tIncome Tax Act, 1961 for the receipts of the assessee upon sale of<br \/>\n\tDEPB Credits. The Tribunal in the present judgment followed the<br \/>\n\tdecision of Special Bench of Mumbai Tribunal in case of <a href=\"\/doc\/54571471\/\">Topman<br \/>\n\tExports  v. ITO (Mumbai),<\/a> 318 ITR 87 (AT)(Mumbai) and further<br \/>\n\trestored the matters to the Assessing Officer to follow such<br \/>\n\tdecision in case of Topman Exports (Supra).\n<\/p>\n<p>Counsel<br \/>\n\tfor the revenue pointed out that the decision in case of Topman<br \/>\n\tExports (Supra) carried in appeal before the Bombay High Court. The<br \/>\n\tBombay High Court in case of CIT  v. Kalpataru Colours and<br \/>\n\tChemmicals, (2010) 328 ITR 451 (Bom.) reversed the decision of the<br \/>\n\tTribunal. It was pointed out that in a judgment dated 10.8.2011 in<br \/>\n\tTax Appeal No.507 of 2010 in case of COMMISSIONER OF INCOME TAX<br \/>\n\tV\/s. RINKESH EXPORTS,<br \/>\n\twe had also taken a similar view.\n<\/p>\n<p>When<br \/>\n\tthe Tribunal restored the issue before the Assessing Officer to<br \/>\n\tfollow the judgment of Topman Exports (Supra)<br \/>\n\tand when we find that the judgment itself has been reversed by<br \/>\n\tBombay High Court and this court has also taken a similar view,<br \/>\n\tsurely, Assessing Officer will take into account such further<br \/>\n\tdevelopment also.\n<\/p>\n<p>With<br \/>\n\tabove observations, the Tax Appeal is disposed of.\n<\/p>\n<p>(AKIL<br \/>\nKURESHI, J.)<\/p>\n<p>(Ms.\n<\/p>\n<p>SONIA GOKANI, J.)<\/p>\n<p>(ashish)<\/p>\n<p>\t\t   \u00a0\u00a0\u00a0<\/p>\n<p>\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat High Court The vs Unknown on 20 September, 2011 Author: Akil Kureshi, Gokani, Gujarat High Court Case Information System Print TAXAP\/1507\/2010 3\/ 3 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD TAX APPEAL No. 1507 of 2010 ========================================================= THE COMMISSIONER OF INCOME TAX &#8211; Appellant(s) Versus HIRAVATI &amp; COLD STORAGE, &#8211; Opponent(s) ========================================================= [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,8],"tags":[],"class_list":["post-52736","post","type-post","status-publish","format-standard","hentry","category-gujarat-high-court","category-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The vs Unknown on 20 September, 2011 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/the-vs-unknown-on-20-september-2011\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The vs Unknown on 20 September, 2011 - Free Judgements of Supreme Court &amp; 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