M","S GLOBAL AGRO PRODUCTS P.LTD vs INCOME TAX OFFICER

Authority: Supreme Court Date: 2013-08-05 Section: 28, 80HHC Acts: Income Tax Act 1961 Result: Revenue Citation: 1013 Taxpundit 57 (2013) 86 CCH 080 ISCC Justices: R.M. LODHA J. & MADAN B. LOKUR J. Appeal No: CIVIL APPEAL NO(s). 5866 OF 2012
Whether an assessee with export turnover exceeding Rs. 10 crores, who has made profits on transfer of DEPB under Section 28(iiid), is entitled to deduction under Section 80HHC by excluding a smaller figure from 'profits of the business' under Explanation (baa) to Section 80HHC --- Held Yes.

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