Cit v. Baldev Raj Jaggi

Judgment Reserved on: 10.02.2011 Decision Delivered On: 18.02.2011

(26) ITA 723/2009 ITA No. ITA 404/2010 m[y •VERSUS PR0YANKA OVERSEAS P. LTD" . . .IRESPOMDESSIT 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. SlKm HOW'BLE MR. JUSTBCE M.L. MEHTA

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

¶2. To be referred to the Reporter or not?

¶3Whether the Judgment should be reported in the Digest? A.EC. SlKRl. i.

¶1For orders, see ITA 12 of 2011. (A.K.SBiCRB) JUDGE • • JUDGE-FEBRUARY 18/2011, skb n^l.L.MEHTA) ^^ ITA No. ITA 404/2010 m THE HIGH COORT OF DELHfl AT NEW DELHI Judgm Decisio

(1) ITA 12/2011 commissioner of i^scome tax PARANOONT IMPEX P¥T.

(2) ITA 404/2010 COMMISSiOMER ARJAiSfl BMPEX P¥T. LTD.

(3) ITA 708/2010 COMMISSiOMER SPENTEX INDOSTRSES LTD.

(4)' ITA 793/2010 -VERSUS PHILCO EXPORTS.

(5) BTA 927/2010 OF INCOME TAX-PHILCO EXPORTS

(6) BTA 1080/2010 OF INCOME TAX' SPENTEX INDUSTRIES LTD.

(7) BTA 1886/2010 COMMiSSBONER ITANo. ITA 12/2011 Bnt Reserved on: 10.02.2011 n Delivered On:

18.02.2011 .RESPONDENT . . . APPELLANT . . . APPELLANT . . . APPELLANT ... APPELLANT . .RESPONDENT . .RESPONDENT NiTiN KUMAR SADH

(8) iTA liB87/2010 KAPOOR INDUSTRIES.

(9) ITA 1896/2010 •FULKANTJHA

(10) ITA 1899/2010 PAL ENTERPRISES (.11) BTA 1957/2010 COMMSSSIONER'oF INCOME TAX PRAVEEN IND.USTRiES PVT. LTD.

(12) ITA 1958/2010 • ZENELINI LEATHER/WEAR

(13) ITA 1959/2010 RICHA APPARELS

(14) 1960/2010 ITA No. ITA 12/2011 .RESPONDEMT .RESPONDENT .RESPONDENT .RESPONDENT JT .RESPONDENT .RESPONDENT .RESPONDENT COMMlSSiOIMER OF BiMCOME TAX KAPOOR iMOOSTRIES

(15) ITA 1980/2010 COMMSSSiOMER OF EWCOME TAX jRADiOS

(16) BTA 2074/2010 COMIVBasSiOSSiER OF INCOME SHOREWALA OVERSEAS

(17) PTA 14/2011 OF BMCO'ME TAX SANGEETA JAIM

(18) PTA 15/2011 COMMiSSiOSSIER OF DNCOME TAX LEATHER TECH j

(19) ITA 67/2011 COMNISSPOSSBER OF DJMCOME TAX PUROLATOR LTD"

(20) BTA 177/2011 COMMiSSiOffsPER OF DNCOME TAX BALDEV RAJ JAGG'I

(21) PTA 178/2011 ITANo. ITA 12/2011 . . "RESPONDEWiT " " APPELLAMT " .RESPOWDEMT " = APPELLANT . .RESPONDENT = APPELLAi^T .RESPONDENT " , .RESPONDENT " . APPELLANT " = .RESPONDENT COMMBSSiOSMER'OF INCOME GOPTA

(22) BTA 181/2011 COiNMiSSflONER OF ENCOME TAX SANGEETA JAIN

(23) STA 182/2011 COMMISSDOMER OF IMCOME TAX CLC CORPORATBON.

(24) BTA 184/2011 COMMOSSIOMER OF IMCOME TAX CLC CORPORATBOM

(25) BTA 185/2011 COMMBSSIOMER OF BBMCOME TAX VBKAS ICALRA •(26) BTA 187/2011 COMMISSDOWER OF BNCOMETAX ASSiOJ GOEL " . APPELLANT . "RESPOi\IDES\IT . " .RESPONDENT . . -APPELLANT = . .RESPONDENT , . .RESPONDENT . .RESPONDENT Judgment Reserved on: 10.02.2011 DecisiQn Delivered On: 18.02.2011

(27) BTA 723/2009 COMMBSSIONER OF BNCOME TAX ITANo. ITA 12/2011 •PRIYANKA OVERSEAS P. LTD" COUNSEL FOR THE REVENUE: Mr. Kamal S5 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 Aliuj CO RAM HOISS'BLE MR. JUSTICE A.K. SlKff^i HOM'BLE MR. JUSTICE MX. MEH

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

¶2To be referred to the Reporter o

¶3Whether the Judgment should b A.K. SP8CRL i.

¶1All these appeals involved common of convenience, we can reproduce the qi these appeals:- "(a) Whether on a correc relevant statutory provisions law in directing the Asse deduction under section 80H of "profit" on sale of DEPB?

(b)Whether on the facts of th was justified in law in imp assessee would be entitled first proviso below sub-Sectio respect of DEPB Creditutilized " " .RESPOWDEMT whney, Mr. Abhishe[< Maratha, ^ggarwal, Mr. Anupam Tripathi,Sr. unsel with Mr. Amit Srivastava, ra, Advocate with Mr. Kavita Jha, Shul<la, Mr. Prakash Kumar and Kumar, Mr. O.P. Sapra, ,Mr. Amit nkaj Jain, Mr. D.K. Goyal, Mr. Vijay Manish Chaudhary, Dr. Raicesh :ate-with Mr. RK. Aggarwal, Ms. a. Advocates. spapers may be allowed r n,bt? B reported in the Digest? question of law. For the sake estions of law framed in one of interpretation of the Tribunal was justified n bSing Officer to allow HC of the Act in respect e present case. Tribunal liedly holding that the 0 deduction as per the n 3 of Section 80HHC in by the assessee?"

¶2The orders passed by the Tribuna because of the reason that the Tribuna in all these cases are brief was supposed to) the decision of the case of Topman Export Us. STO [ITA N dated August, 2009.]. By that j ITA No. ITA 12/2011 ITAT has simply followed (which it Special Bench, Mumbai in the D. 5769/iV|um./2006 decided on judgment, the Special Bench of the (f^ Tribunal has held that the face value of Df

(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^ sale. PB is chargeable to tax u/s 28 at is, when the application for rity pursuant to exports and r cess of sale proceeds of DEPB d u/s 28(iiid) at the time of its

¶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 Mcome Tax Vs. KaSpataru Colours a

¶5These appeals stand disposed of on FEBRUARY 18, 2011, skb • iTANo. ITA 12/2011 1 the High Court Adjudicate at the Special Bench of the ITAT. decision of the Tribunal and is reported as CommBsssoner ChemScaBs, 328 ITR 451.

¶4Since the Tribunal had simply follo\|ved Special Bench decision'in Topmami Exports (supra) which stands over ruled, w.e 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. ,.K.SIiCR0) (DVi.L.MEHm) I I

. THE HIGH COURT OF DELH! AT NEW DELHI Judgment Reserved on: 10.02.2011 Decision Delivered On: 18.02.2011 (1) ITA 404/2010 COMMISSBONER ARJAN IMPEX PVT. LTD. (2) ITA 708/2010 SPENTEX INDUSTRIES LTD. (3) ITA 793/2010 PHILCO EXPORTS. (4) ITA 927/2010 PHILCO EXPORTS (5) ITA 1080/2010 SPENTEX INDUSTRIES LTD. (6) ITA 1886/2010 NITIN KUMAR SADH ITANo. ITA 404/2010 . . . APPELLANT , . . APPELLANT . . .'RESPOSSSDENT . .RESPONDENT .RESPONDENT. . APPELLANT . .RESPONDENT Page 1 of 5' 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 KAPOOR INDUSTRIES. (8) ITA 1896/2010 FUL KANT JHA (9) ITA 1899/2010 PAL ENTERPRISES (10) BTA 1957/2010 PRAVEEN INDUSTRiES PVT. LTD. (11) ITA 1958/2010 ZENELINI LEATHER WEAR (12) ITA 1959/2010 RICHA APPARELS (13) 1960/2010 KAPOOR INDUSTRIES ITA No. ITA 404/2010 (9 .RESPONDENT . APPELLANT .RESPONDENT ^RESPONDENT .RESPONDENT .RESPONDENT . .RESPONDENT . . . APPELLANT . .RESPONDENT (14) ITA 1980/2010 AHUJA RADIOS (15) ITA 2074/2010 SHOREWALA OVERSEAS (16) ITA 14/2011 SANGEETA JAIN (17) ITA 15/2011 LEATHER TECH (18) ITA 67/2011 PyROLATOR INDIA LTD. (19) ITA 177/2011 BALDEV RAJ JAGGI ITANo. ITA 404/2010 n. . .RESPOMDENT " . APPELLANT , (20) ITA 178/2011 / . INDU GUPTA (21) ITA 181/2011 SANGEETA JAIN (22) ITA 182/2011 COMMISSBONER CLC CORPORATION (23) ITA 184/2011 CLC CORPORATION (24) 6TA 185/2011 VIKAS KALRA (25) ITA 187/2011 COMMISSBONER ANOJ GOEL " . APPELLANT " . APPELLANT . . APPELLANT' . . ^RESPONDENT .-.RESPONDENT