Wednesday, June 30, 2010

Special Bench judgment in Topman Exports reversed (DEPB sale)

Special Bench judgment in Topman Exports reversed

In Topman Exports vs. ITO 318 ITR 87 (Mum)(SB)(AT) the Special Bench held that for purposes of s. 80HHC only the "profit" on sale of DEPB entitlements (i.e. the sale value less the face value) was required to be considered. In an appeal by the department, this judgment has been reversed by the Bombay High Court today, 29th June 2010. 

The judgment of the High Court shall be available shortly.


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