COMMISSIONER OF INCOME TAX Vs. RUPAM INTERNATIONAL

JUDGEMENT

(1.) TAX Appeal was admitted for consideration of the following substantial question of law :- Whether the Appellate Tribunal was right in holding that while computing the profit of the business under Explanation (baa) of Section 80HHC, 90% of the profits on transfer of DEPB should be excluded, not the total amount received by the assessee ?

(2.) LEARNED advocates appearing for the parties pointed out that this issue is squarely covered by decision of this Court in Tax Appeal No.507 of 2010 and connected appeals decided by judgment dated 10.8.2011.

(3.) UNDER the circumstances, this Tax Appeal is also allowed. Question is answered in favour of the Revenue. The judgment of the Tribunal is reversed to the above extent.