Topman Exports v. ITO (OSD)

33 SOT 337Income Tax Appellate Tribunal2009#24655 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2019.

Judgments citing Topman Exports v. ITO (OSD)

ANANDKUMAR JAIN,MUMBAI vs. ITO WD 18(2)(2), MUMBAI

In the result, appeal of the assessee is allowed, as above

ITA 4192/MUM/2012[2003-04]Status: DisposedITAT Mumbai20 Aug 2019AY 2003-04

Bench: Shri G.S. Pannu & Shri Ravish Sood: A.Y : 2003-04

For Appellant: Shri Jitendra Sanghavi &For Respondent: Shri Rajesh Kumar Yadav

Section 143(3)Section 154Section 250Section 80H

…Officer in denying deduction under Section 80HHC of the Act on sale proceeds of DEPB license. On further appeal before the Tribunal, the Tribunal upheld the order of CIT(A). Thereafter, the Special Bench of Tribunal in the case of Topman Exports vs. ITO (OSD) 33 SOT 337 (SB) dated 11.08.2009 decided this issue in favour of the assessee. The assessee thus filed rectification application under Section 154 of the Act before the Assessing Officer. The Assessing Officer rejected the assessee’s application under Section 154 of the Act vide order dated 04.02.2010 holding that the denial of deduction under Section 80HHC…

DCIT, NEW DELHI vs. M/S. CORNELL OVERSEAS (P) LTD., NEW DELHI

In the result, appeal of the department is dismissed

ITA 2166/DEL/2011[2003-04]Status: DisposedITAT Delhi02 May 2017AY 2003-04

Bench: Sh. N. K. Saini, Am & Smt. Beena Pillai, Jm Ita No. 2166/Del/2011 : Asstt. Year : 2003-04 Dcit, Vs Cornell Overseas (P) Ltd., Circle-3(1), B-235, Okhla Indl. Area, Phase-I, New Delhi New Delhi-110020 (Appellant) (Respondent) Pan No. Aaacc0034F Assessee By : Ms. Vandana Bhandari, Ca Revenue By : Sh. Neeraj Kumar, Sr. Dr Date Of Hearing : 03.02.2017 Date Of Pronouncement : 02.05.2017 Order Per N. K. Saini, Am: This Is An Appeal By The Department Against The Order Dated 28.02.2011 Of Ld. Cit(A)-Xx, New Delhi.

For Appellant: Ms. Vandana Bhandari, CAFor Respondent: Sh. Neeraj Kumar, Sr. DR

Section 143(1)Section 28Section 32Section 80HSection 90C

…made and that the profits of duty entitlement passbook representing the excess of sale proceeds over the face value is liable to be considered u/s 28(iiid) at the time of sales.” 7.1 Undisputedly, ITAT Mumbai Bench (SB) in case of Topman Exports Vs ITO (2009) 33 SOT 337 answered the aforesaid question in favour of the assessee by returning the following findings: “We, therefore, hold that in the scheme of section 80HHC, the face value of DEPB cannot be reduced from the purchase cost but is separate income under section 28(iiib), which accrues at the time of making application pursuant to exports. Only the profit…

MY FAVOURITE LADY EXPORTS P.LTD,MUMBAI vs. DCIT OSDITO WD 6(3)(4)8(2), MUMBAI

In the result the appeal filed by the assessee is allowed for statistical purpose as indicated above

ITA 5152/MUM/2014[2004-05]Status: DisposedITAT Mumbai24 Aug 2016AY 2004-05

Bench: Shri Shailendra Kumar Yadav & Shri Rajesh Kumar.

For Appellant: Shri Jitendra ShangviFor Respondent: Shri Chandra Vijay,DR

Section 28Section 80Section 80H

…ng Officer with the following direction. “4. We have perused the records and considered the matter carefully. The dispute is regarding allowability of claim of deduction in relation to DEPB income. The special bench of Tribunal in case of Topman Exports Ltd.(33 SOT 337) had earlier held that face value of DEPB has to be considered as business income u/s 28(iii b) and in case of sale the excess of sale price over the face value has to be considered as business profit u/s 28(iii d) and deduction u/s 80HHC had to be computed accordingly. The said decision of Tribunal has however not been upheld by Hon'ble High Cour…