Cit v. Clc Corporation

Judgment Reserved on: 10.02.2011 Decision Delivered On: 18.02.2011

(26) ITA 723/2009 COMMISSBONER ITA No. ITA 404/2010 " . APPELLANT •VERSUS PRSYANKA OVERSEAS P. LTD. . . .IRESPOMDENT 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 Shukia, Mr. Prakash Kunnar and Mr. Manish Kumar, Mr. O.P. Sapra, ,Mr. Amit Dayal, Mr. Pankaj 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. JUSTBCE A.K. SIKR0 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.K. SiKm, I

¶1For orders, see ITA 12 of 2011. .K.SIECIRI) JUDGE JUDGE-FEBRUARY 18, 2011, skb fM.L.MEHTA) ^ ITA No. ITA 404/2010 & ors.connected IN THE HIGH COURT OF DELHI AT NEW DELHI Judgment Reserved on: 10.02.2011 Decision; Delivered On:

18.02.2011 12/2011 COMMISSIONER,OF INCOME TAX : ; . PARAMOyiNlT IMPEX P¥T. LTD,. •

(2) ITA. 404/2010 'ARJAN IMPEX PVT. , . . APPEP-LANT 708/2010 § • SPENTE^_DNDUSTRIES

(4) I'TA 793/2010 , COMMiSSEONER PHILCO EXPORTS. 927/2010 OF INCOME PHILCO EXPORTS 1080/2010 OF INCOME -SPENTEXiNDUStRIES LTD. nrA 1886/2010 • ITA No. ITA 12/2011 & ,ors.connected IT . .[RESPONDENT .RESPONDENT-APPELLANT APPELLANT APPELLANT • KUMAR SARH

(8) ITA 18^7/2010 commdssioner of income tax KAPOOR DNDUSTRIES" •

(9)-ITA'1896/2010 COMMDSSiONER OF DNCOME KANT JHA /> ENTERPRISES 1957/2010 , OF INCOME PRAVEEN INDUSTRIES ZENELINI LEATHER WEAR

(13) ITA 1959/2010 CoWmISSIONEROF INCOME RICHA APPARELS

(14) 1960/2010 ITANo. ITA 12/2011 . , APPELLAINT "IRESPONDEN' , " -APPELLANT .RESPONDEE , , APPELLANT . . apEpellant COMMDSSIOWER OF INCOME iCAPOOR INDUSTRIES 1980/2010 COMMDSSDONER AHOJA RADIOS 2074/2010 t OF INCOME SHOREWALA OVERSEAS .•f COMMISSIONER OF INCOME ' VERSUS SANGEETA 15/2011 .< COMMISSIONER OF INCOME •f LEATHER TECH OF INCOME PUROLATOR [20) BTA 177/2011 OF DNCOME BALDEV RAJ JAGGl 178/2011 ITANo, ITA 12/2011 " " APPELLANT " APPELLANT . ..RESPONDEi , " APPELLANT " . .RESPONDENT , " .RESPONOjENT . . APPELLANT ' . " .RESPONDENT COMMISSSONER OF INCOME ) ••• • UNDO ©OPTA

(22) BTA 181/2011 OF INCOME TAX' SANGEETA 182/20'11 APPELLAWT .RESPONDENT-IT • "RESPOWIOENT . APPELLANT CLC CORPORATDON .'RESPONDENT-if •COMMISSIONER OF INCOME CLC CORPORATION- •C25) O'A 185/2011 OF INCOME VIKAS KALRA / (261 ITA 187/2011 ' . COMM1SS0ONER j ANUJ GOEL " APPELLANT- : APPELLANT • Judgment Reserved on:. 10.02.2011 Decision Delivered On: 18.02.2011 723/2009 OF INCOME " APPELLANT ITA No. ITA 12/2011 & ors.corinected .[RESPONDEi\flT COUNSEL FOR THE REVENUE: Fir. •Kamal Ms. Suruchi Standing Cc Advocate. COUNSEL FOR THE ASSESSEES: Mr. Ajay Voh Mr. Somnatti Mr. Manisli , Dayal, Mr. Pa Nair and Mr Gupta, Advo Poonann Ahuj whney, Mr. Abhishek Maratha, Q^ggarwal, Mr. Anupam Tripathi,Sr. unsel with Mr. Amit Srivastava,

1.

2.

3., 'ELE 'BLE MR" JUSTICE M±. MEH Whether Reporters of Locai new to see the judgment? . To be referred to-the Reporter o Whether the Judgment should b a, Advocate with Mr. Kavita Jha, Shukia, Mr. Prakash Kumar and Kumar, Mr. O.P. Sapra, ,Mr. Amit nkaj Jain, Mr. D.K. Goyal, Mr. Vijay Ma'nish Chaudhary, Dr. Rakesh ;ate with Mr. RK. Aggarwal, Ms. a. Advocates. spapers may be allowed r not? 2 reported in the Digest?

¶1All these appeals involved common 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 of the Act in respect

(b)Whether on the facts of th was justified ip law in im assessee would be entitled first proviso below sub-Sectio respect of DEPB Credit utilizejd e present case, Tribunal pliedly holding that the :o deduction as per the n 3 of Section 80HHC in by the assessee?"

¶2The orders passed by the Tribun^ because of the reason that the Tribuna was supposed to) the decision of the ITA case of Topman Export Vs. STO [ITA N dated August, 2009.]. .By that judgriient ITA No. ITA 12/2011 in all these cases are brief has simply followed (which it Special Bench, Mumbai in the D. 5769/Mum./2006 decided on ; the Special Bench of the Page 5 of 6. // Tribunal has held that the face value of

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

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

¶4Since the Tribunal had-simply follow Topman Exports (supra) which stands •order passed by the Tribunal in all these c to the' Tribunal to decide these appeals account factual position in all these cases.

¶5• These appeals stand disposed of on PB is chargeable'.to tax u/s 28 ^t is, when the application for rity pursuant to .exports and ess of sale proceeds of DEPB d u/s 28(iiid) at the time of its 1 the High Court Adjudicate at the Special Bench of the ITAT. decision of the Tribunal and is' reported as Commiissiioner •, 328 1TR451. ved Special Bench decision in over ruled, we set aside the ases and remit the cases back on merits after taking /into above terms. r C?L. • skb , 2 iTA.No. ITA 12/2011 5( ors.connected

m THE HBGH COURT OF DELHB AT iSIEW DELH0 Judgment Reserved on: 10.02.2011 Decision Delivered On: 18.02.2011 (1) ITA 404/2010 COMMISSDONER ARJAN IMPEX PVT. LTD. (2) 8TA 708/2010 COIvilvllSSaONER OF INCOIVIE TAX SPENTEX INDUSTRIES LTD. (3) ITA 793/2010 PHBLCO EXPORTS. (4) ITA 927/2010 PHILCO EXPORTS (5) PTA 1080/2010 SPENTEX INDUSTRIES LTD. (6) ITA 1886/2010 NITiN KUMAR SADH ITA No. ITA 404/2010 Si ors.connected . APPELLANT " . . APPELLANT . . .RESPONDENT . . .• APPELLANT . . .RESPONDENT . . APPELLANT . .RESPONDENT . . APPELLANT .'.RESPONDENT . APPELLANT 2^ 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) iTA 1887/2010 COMMISSPONER OF JNCOME TAX KAPOOR INDUSTRIES. (8) ITA 1896/2010 FUL KANT JHA (9) ITA 1899/2010 PAL ENTERPRISES (10) ITA 1957/2010 , PRAVEEN INDUSTRIES PVT. LTD. (11) ITA 1958/2010 ZENELBNI LEATHER WEAR (12) ITA 1959/2010 RDCHA APPARELS (13) 1960/2010 KAPOOR INDUSTRIES ITANo. ITA404/2010 " . APPELLANT . .RESPONDENT . . APPELLANT . .RESPONDENT . . . APPELLANT . .RESPONDENT . . APPELLANT . .RESPONDENT . . APPELLANT . .RESPOWDENT , . •. APPELLANT . .RESPONDENT . . . APPELLANT . .RESPONDENT (14) ITA 1980/2010 COIvSMISSaONER OF INCO!V!E TAX AHUJA RADBOS (15) ITA 2074/2010 COIVSMISSBONER OF IN CONE TAX SHOREWALA OVERSEAS (16) ITA 14/2011 COr/SMISSBONER OF IISJCOME TAX SAN GE ETA JAEN (17) ITA 15/2011 LEATHER TECH (18) ITA 67/2011 PUROLATOR INDIA LTD. (19) ITA 177/2011 BALDEV RAJ JAGGI ITA No. ITA 404/2010 . APPELLANT . APPELLANT (20) 8TA 178/2011 COMMiSSiONER INDU GUPTA (21) ITA 181/2011 COMMISSJONER SANGEETA JAIN (22) ITA 182/2011 COMMISSBONER CLC CORPORATION (23) ITA 184/2011 CLC CORPORATDON (24) ITA 185/2011 \ VIKAS KALRA (25) ITA 187/2011 ANUJ GOEL . . APPELLANT .• . .RESPONDENT . . APPELLANT . , APPELLANT . . APPELLANT . . APPELLANT •. .RESPONDENT . . APPELLANT