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Income Tax Appellate Tribunal, DELHI BENCH: ‘E’ NEW DELHI
Before: SHRI R. S. SYAL & SMT SUCHITRA KAMBLE
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).
The Ld. DR did not controvert the same.
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.
In result, appeal is dismissed.