ITAT Kolkata Judgments — May 2016

The Tribunal held that the retrospective amendment to Section 80HHC was not applicable for the assessment year in question, allowing deduction for DEPB premium. However, interest income was held not eligible for deduction under Section 80HHC.

The Tribunal noted the assessee's repeated adjournments and failure to appear for the final hearing. Citing the principle of vigilance, the Tribunal treated the appeals as unadmitted.

The Tribunal granted the assessee's request to withdraw the appeal. Consequently, the appeal filed by the assessee was dismissed as withdrawn.

The assessee sought to withdraw the appeal as it had become infructuous due to the subsequent order. The Tribunal permitted the withdrawal of the appeal.