ACIT, NEW DELHI vs. M/S. NYASA, NEW DELHI

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ITA 2212/DEL/2014Status: DisposedITAT Delhi30 March 2017AY 2001-023 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the issue is covered by Apex Court decisions in favour of the assessee. The CIT(A) was correct in directing the Assessing Officer to allow deduction under Section 80HHC on the face value of DEPB licenses.

What were the facts?

The Revenue appealed against the CIT(A)'s order allowing deduction under Section 80HHC on DEPB receipts. The assessee claimed deduction on DEPB receipts which fall under Section 28(iiib) & 28(iiid) of the Act.

What were the issues?

Whether DEPB receipts are eligible for deduction under Section 80HHC of the Income Tax Act, 1961.

Which sections of the Income-tax Act were involved?

Section 80HHC,Section 28(iiib),Section 28(iiid)

AI-generated summary — verify with the full judgment below

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Income Tax Appellate Tribunal, DELHI BENCH: ‘E’ NEW DELHI

Before: SHRI R. S. SYAL & SMT SUCHITRA KAMBLE

Hearing: 29.03.2017Pronounced: 30.03.2017

ORDER PER SUCHITRA KAMBLE, JM

This appeal is filed by the Revenue against the order dated 22/1/2014 passed by CIT(A) –XXVI, New Delhi. 2. The appeal is in respect of deduction u/s 80HHC of the Income Tax Act, 1961 on DEPB receipts which falls u/s 28(iiib) & 28(iiid) the Act. As per the submissions made by the Ld. AR, this issue has been decided by the Hon’ble Apex Court in cases of M/s Topman Exports Vs. CIT 342 ITR 49 (SC) as well as by latest judgment of CIT Vs. Avani Exports 119 DTR 352 (SC).

3.

The Ld. DR did not controvert the same.

4.

We have heard both the parties. The issue under consideration is covered by Apex Court decisions in case of Avani Exports and Topman Exports in favour of the assessee. The CIT(A) has rightly directed the Assessing Officer to allow deduction u/s 80HHC of the Act in respect of face value of DEPB licences of Rs. 75,90,047/- as per the Apex court decisions.

5.

In result, appeal is dismissed.

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