Cit v. Indu Gupta

Judgment Reserved on: 10.02.2011 Decision Delivered On: 18.02.2011

(26) ITA 723/2009 iTA No. ITA 404/2010 Page 4 of 5• •VERSUS PRSYANKA OVERSEAS'P. LTD" . . .KESPOMDENT COUNSEL FOR THE REVENUE: Mr. Kamal Sawhney, Mr. Abhishek Maratha, Ms. Suruchi Aggarwal, Mr. Anupam Tripathi,Sr. Standing Counsel with Mr. Amit Srivastava, Advocate. COUNSELFOR THE ASSESSEES: Mr. Ajay Vohra, Advocate with Mr. Kavita Jha, Mr. Somnath Shul<la, Mr. Pral<ash Kumar and Mr. Manish Kumar, Mr. O.P. Sapra, ,Mr. Amit Dayal, Mr. Panl<aj Jain, Mr. D.K. Goyal, Mr. Vijay Nair and Mr. Manish Chaudhary, Dr. Rakesh Gupta, Advocate with Mr. RK. Aggarwal, Ms. Poonam Ahuja, Advocates. CORAM HON'BLE MR. JUSTICE A.K. SIKRI HON'BLE MR. JUSTICE M.L. MEHTA

¶1Whether Reporters of Local newspapers may be allowed to see the Judgment?

¶2To be referred to the Reporter or not?

¶3Whether the Judgment should be reported in the Digest? A.gC. SBKRI. L

¶1For orders, see ITA 12 of 2011. l.iC.SSECRI) JUDGE JUDGE-FEBRUARY 18, 2011, skb rW.L.MEHTA) ^ ITA No. ITA 404/2010 & ors.connected matters THE HiGH COURT OF DELHI AT NEW DELHI ()> Judgment Reserved on: 10.02.2011 Decision Delivered On:

18.02.2011

(1) ITA 12/2011 COMMiSSilOW.ER OF 0NCOME TAX PAF^ASVSOONT IMPEX P¥T. LTD..

(2) ITA 404/2010 COMMiSSIOMER OF BBSSCOME TAX ARJA5SS IMPEX P¥T. LTD.

(3) 708/2010 COMMlSSiOfSIER SPEMTEX ISMDOSTRDES LTD.

(4) ETA 793/2010 OF 0MCOME TAX PHILCO EXPORTS.,

(5) ETA 927/2010 COMMISSIOWER PHILCO EXPORTS (@) ITA 1080/2010 . I SPENTEX INDUSTRIES LTD.

(7) ITA 1886/2010 ' OF'.BNCOME TAX ITANo. ITA 12/2011 . . RESPONDENT . . . APPELLANT . . . APPELLANT , . .RESPONDENT . . APPELLANT. NITIN KUMAR SADH ..RESPONDENT . • C8) ITA 1887/2010 ' CONMISSiON'E'R ..APPELLANT KAIPOOR SIMDySTRBES. . . .RESPONDESVIT

(9) ITA 1896/2010 • FULICANTJHA • (101 BTA 1899/2010 ...APPELLANT' PAL ENTERPRISES

(11) ITA 1957/2010 A COMlvSiSSIONER ' ' PRAVEEN INDUSTRIES PVT. LTD. • (.12) ITA 1958/2010 ' ... APPELLANT . VERSUS ZENELINI LEATHER WEAR • . .RESPONDENT• '

(13) ITA 1959/2010 , . . . APPELLANT RiCHA APPARELS . .respondent'

(14) 1960/2010. ITA No. ITA-12/2011 COMMiSSlOMER OF iiSICOME TAX ECAPOOR iiSSDUSTRIES

(15) iTA 1980/2010 COMMlSSflbiSSER OF BNCOME TAX RADiOS

(16) BTA 2074/2010 • COMMiSSDONER OF ISMCOME TAX •SHOREWALA OVERSEAS BTA 14/2011 CDMMISSiOWER SAiSSGEETA

(18)JTA 15/2011 LEATHER TECH

(19) BTA 67/2011 PUROLATOR BNDBA LTD. (201JTA 177/2011 OF BNCOME TAX BALDEV RAJ JAGGI

(21) BTA 178/2011 ITANo. ITA 12/2011 . APPELLANT .RESPONDENT . APPELLANT .RESPONDENT , APPELLANT .RESPONDENT APPELLANT .RESPONDENT " APPELLANT .RESPONDENT .RESPONDENT .RESPONDENT COMMasSlOMER OF IMCOME TAX Si^DU GUPTA ITA 181/2011 VERSUS, SANGEETA

(23) ITA 182/2011 , CLC CORPORATION

(24) ITA 184/2011 CLC CORPORATION [251 ITA 185/2011 VliCAS ICALRA

(26) ITA 187/2'011 ANOJ.GOEL . APPELLANT .RESPONDENT . " APPELLANT . , , .RESPONDENT , " .RESPONDENT . , APPELLANT .RESPONDENT . APPELLANT Judgment Reserved on: 10.02.2011 Decisipn Delivered On: 18.02.2011 (271 ITA 723/2009 ITANo. ITA 12/2011 PRIYAESJKA OVERSEAS P. LTO. COUNSEL FOR THE REVENUE: Mr. Kamal Ss Ms. Suruchi Standing Cc Advocate. COUNSEL FOR THE ASSESSEES: Mr. Ajay Voh Mr. Somnath Mr. Manish Dayal, Mr. Pa Nair and Mr Gupta, Advoi Poonam Ahuj CORAM HOW'BLE MR. JUSTICE A"iC" SiKR HON'BLE. MR. JUSTICE MEH

¶1Wlnether Reporters of Local new to see the Judgment?

¶2To be referred to the Reporter o

¶3Whether the Judgment should b v.K. SIKRI. • .. . .RESPOMDEiSST whney, Mr. Abhishek Maratha, ^ggarwal, Mr. Anupam Tripathi,Sr. unsel with Mr. Amit Srivastava, ra, Advocate with Mr. Kavita Jha, Shukia, Mr. Prakash Kumar and Kumar, Mr. O.P. Sapra, ,Mr. Amit nkaj Jain, Mr. D.K. Gpyal, Mr. Vijay Manish Chaudhary, Dr.. Rakesh ;ate .with Mr. RK. Aggarwal, Ms. a, Advocates. TA spapers may be allowed r not? B reported in the Digest?

¶1All these appeals involved comnnon .of convenience, we can reproduce the qi these appeals:- question of law. For the sake estions of law framed in one of "(a) Whether on a correc relevant statutory provisions, law in directing the. Asse deduction under section 80H of "profit" on sale of DEPB? interpretation of the Tribunal was justified n ssing Officer to allow HC of the Act in respect

(b)Whether on the facts of th was justified in Jaw in impi assessee would be entitled first proviso below sub-Sectio respect of DEPB Credit utilize e present case. Tribunal iedly holding that the :o deduction as per the n 3 of Section SOHHC in d by the assessee?"

¶2The orders passed by the Tribuni^l in all these cases are brief because of the reason that the Tribuna was supposed to) the decision of the ITAT case of Topmam Expoirt \/s. ITO [ITA N dated August, 2009.]. By that Judgrji ITA No. ITA 12/2011 5( ors.connected has simply followed (which it Special Bench, Mumbai in the D. 5769/|Vium./2006 decided on ent, the Special Bench of the Tribunal has held that the face value of DE PB is chargeable to tax u/s 2 at is, when the application for rity pursuant to exports and cess of sale proceeds of DEPB u/s 28(iiid) at the time of its

(iiib) at the time of accrual of income, th DEPB is filed with the competent autho profit in sale of DEPB representing the ex over its face value is liable to be consider ed sale.

¶3The Revenue had filed the appeal i Bombay against the aforesaid decision of The Bombay High Court has reversed th^ the judgment of the Bombay High Court of Sncome Tax Vs. KaSpataru Colours a

¶5These appeals stand disposed of on FEBRUARY 18, 2011, skb iTANo. ITA 12/2011 the High Court Adjudicate at the Special Bench of the ITAT. ? decision of the Tribunal and is reported as CommBsssomier ChemlcaK 328 ITR 451.

¶4Since the Tribunal had simply follo\}ved Special Bench decision in I Topmain Exports (supra) which stands over ruled, we set aside the order passed by the Tribunal in all these cases and remit the cases back to the Tribunal to decide these appeal^ on merits after taking into account factual position in all these cases. above terms. .L.MEIHTA) JUDGE

m THE HIGH COORT OF DELHJ AT ^EW DELHB Judgment Reserved on: 10.02.2011 I Decision Delivered On: 18.02.2011 (1) ITA 404/2010 COMBVllSSiONER ARJAN IMPEX PVT. LTD. (2) ITA 708/2010 SPENTEX INDUSTRIES LTD. (3) ITA 793/2010 PHILCO EXPORTS. (4) ITA 927/2010 PH0LCO EXPORTS (5) ITA 1080/2010 SPENTEX INDUSTRIES LTD. (6) BTA 1886/2010 NITSN KUMAR SADH ITANo. ITA 404/2010 . . . APPELLANT , , .RESPONDENT . . . APPELLANT . . . APPELLANT " . .RESPONDENT " .RESPONDENT . APPELLANT .RESPONDENT Certify that the digital file and physical file have been compared and the digital data is as per the physical file and no page is missing. / (7) STA 1887/2010 COMMISSDONER KAPOOR INDUSTRBES. (8) ITA 1896/2010 FUL KANT JHA (9) ITA 1899/2010 PAL ENTERPRISES flO) ITA 1957/2010 PRAVEEN INDUSTRIES PVT. LTD. (11) ITA 1958/2010 ZENELINI LEATHER WEAR (12) ITA 1959/2010 RiCHA APPARELS (13) 1960/2010 KAPOOR INDUSTRIES ItANo. ITA 404/2010 . . APPELLANT, . . . APPELLANT . . . APPELLANT ... APPELLANT . . . APPELLANT f (14) ITA 1980/2010 COMIVSISSIONER OF BNCOME TAX AHUJA RADIOS (15) ITA 2074/2010 SHOREWALA OVERSEAS (16) ITA 14/2011 SANGEETA jAIN (17) ITA 15/2011 LEATHER TECH (18) ITA 67/2011 PUROLATOR INDIA LTD. (19) ITA 177/2011 BALDEV RAJ JAGGI ITA No. ITA404/2010 & ors.connected . APPELLANT } (20) ITA 178/2011 COIVirvslSSBONER OF ENCOME TAX , ) [NDU GUPTA (21) ITA 181/2011 SANGEETA JAIN (22) ITA 182/2011 CLC CORPORATION (23) ITA 184/2011 CLC CORPORATION (24) ITA 185/2011 VIICAS KALRA (25) ITA 187/2011 OF INCOME-TAX ANOJ GOEL . APPELLANT . . .RESPONDENT- , . .RESPONDENT