CIT V. SANGEETA JAIN

ITA/181/2011

AI Insights

The case involves multiple appeals by the Commissioner of Income Tax against various respondents, primarily concerning the interpretation and application of Section 80HHC of the Income Tax Act related to the deduction on the profit from the sale of DEPB (Duty Entitlement Pass Book) credits. The core legal issue was whether the Tribunal was justified in directing the Assessing Officer to allow deduction under section 80HHC in respect of 'profit' on the sale of DEPB. The Tribunal had initially followed the decision in Topman Exports vs. ITO, which was later overruled by a Special Bench of the ITAT. The High Court of Delhi, referencing the overruling of the Topman Exports decision, set aside the Tribunal's orders and remitted the cases for a fresh decision on the merits.

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 720450 (HC-DELHI)
• Appeal Type: Others
• Pronouncement Date: 18-02-2011
• Assessment Year: misc
• Other Referred Cases: Topman Exports Vs. ITO, Income Tax Vs. Kalpataru, Commissioner Vs. Chemseals
• Laws Referred To: Income Tax Act
• Result in Favour of: Partly Allowed
• Court: HIGH COURT
• Department Lawyers: AJAY VOHRA; KAVITA JHA; SOMNATH SHUKLA; PRAKASH KUMAR; MANISH KUMAR; O P SAPRA; AMIT DAYAL; PANKAJ JAIN; D K GOYAL; VIJAY NAIR; MANISH CHAUDHARY; RAKESH GUPTA; R K AGGARWAL; POONAM AHUJA
• Assessee Lawyers: KAMAL SAWHNEY; ABHISHEK MARATHA; SURUCHI AGGARWAL; ANUPAM TRIPATHI; AMIT SRIVASTAVA
• Keywords: DEPB; Export proceeds; Income Tax; Tax Deduction
• Section: 28; 80HHC; 28 (iiid); 28(iii); 80H

Judgement Text

":L > O THE HIGH COURT OF DELHI AT NEW DELHI Judgment Reserved on: 10.02.2011 Decision Delivered On: 18.02.2011 (1) ITA 404/2010 COMMISSIONER OF INCOME TAX VERSUS ARJAN IMPEX PVT. LTD. (2) ITA 708/2010 COMMISSIONER OF INCOME TAX VERSUS SPENTEX INDUSTRIES LTD. (3) ITA 793/2010 COMMISSIONER OF INCOME TAX VERSUS PHILCO EXPORTS. (4) ITA 927/2010 COMMISSIONER OF INCOME TAX VERSUS PHBLCO EXPORTS (5) ITA 1080/2010 COMMISSIONER OF INCOME TAX VERSUS SPENTEX INDUSTRIES LTD. (6) ITA 1886/2010 COMMISSIONER OF INCOME TAX VERSUS NITIN KUMAR SADH ITANo. ITA 404/2010 & ors.connected nnatters . . . APPELLANT . . .RESPONDENT . . . APPELLANT . . .RESPONDENT . . . APPELLANT . . .RESPONDENT . . APPELLANT . .RESPONDENT . . APPELLANT . .RESPONDENT . APPELLANT .RESPONDENT Page 1 of 5 2- Digitally Signed By:AMULYA 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. Signature Not Verified (7) BTA 1887/2010 COMMBSSIONER OF INCOME TAX VERSUS KAPOOR INDUSTRBES. (8) BTA 1896/2010 COMMSSSIONER OF INCOME TAX VERSUS FUL KANT JHA (9) ITA 1899/2010 COMMISSSONER OF INCOME TAX VERSUS PAL ENTERPRISES (10) 8TA 1957/2010 COMMISSIONER OF INCOME TAX VERSUS PRAVEEN INDUSTRIES PVJ. LTD. (11) ITA 1958/2010 COMMISSIONER OF INCOME TAX VERSUS ZENELINI LEATHER WEAR • (12) ITA 1959/2010 COMMISSIONER OF INCOME TAX VERSUS RfiCHA APPARELS (13) 1960/2010 COMMISSIONER OF INCOME TAX VERSUS KAPOOR INDUSTRBES ITANo. ITA 404/2010 & ors.connected matters . . APPELLANT . .RESPONDENT „ . APPELLANT . .RESPONDENT . . . APPELLANT . .RESPONDENT . . APPELLANT . .RESPONDENT . . . APPELLANT . .RESPONDENT . . . APPELLANT . .RESPONDENT „ . . APPELLANT . .RESPONDENT Page 2 of 5 3 (14) iTA 1980/2010 COMMSSSIONER OF INCOME TAX VERSUS AHUJA RADIOS (15) ITA 2074/2010 COMMISSIONER OF INCOME TAX VERSUS SHOREWALA OVERSEAS (16) iTA 14/2011 COMMISSIONER OF INCOME TAX VERSUS SANGEETA JAIN (17) ITA 15/2011 COMMISSIONER OF INCOME TAX VERSUS LEATHER TECH (18) ITA 67/2011 COMMISSIONER OF INCOME TAX VERSUS PUROLATOR INDIA LTD. (19) ITA 177/2011 COMMISSIONER OF INCOME TAX :) VERSUS BALDEV RAJ JAGGI ITANo. ITA 404/2010 & ors.connected matters . . APPELLANT . .RESPONDENT „ . APPELLANT . . .RESPONDENT „ . APPELLANT . . .RESPONDENT . APPELLANT, . . /RESPONDENT . . APPELLANT . . .RESPONDENT .'. APPELLANT . . .RESPONDENT Page 3 of 5 (20) 8TA 178/2011 COMMISSIONER OF INCOME TAX VERSUS INDU GUPTA (21) ITA 181/2011 COMMISSIONER OF INCOME TAX VERSUS SANGEETA JAIN (22) ITA 182/2011 COMMISSIONER OF INCOME TAX VERSUS CLC CORPORATION (23) ITA 184/2011 COMMISSIONER OF INCOME TAX VERSUS CLC CORPORATION (24) ITA 185/2011 COMMISSIONER OF INCOME TAX VERSUS V0KAS KALRA (25) ITA 187/2011 COMMISSIONER OF INCOME TAX VERSUS ANUJ GOEL . . APPELLANT . .RESPONDENT . . APPELLANT . . .RESPONDENT „ . APPELLANT . . .RESPONDENT . . APPELLANT . . .RESPONDENT . . APPELLANT . . .RESPONDENT . . APPELLANT . -.RESPONDENT Judgment Reserved on: 10.02.2011 Decision Delivered On: 18.02.2011 (26) ITA 723/2009 COMMISSIONER OF INCOME TAX ITANo. ITA404/2010 & ors.connected matters . . APPELLANT Page 4 of 5 LI •VERSUS PRIYANKA OVERSEAS P.. LTD, , . .RESPONDENT COUNSEL FOR THE REVENUE: Mr. Kama! Sawhney, Mr. Abhishek Maratha, Ms. Suruchi Aggarwal, Mr. Anupam Tripathi.Sr. Standing Counsel with Mr. Amit Srivastava, Advocate. COUNSEL FOR THE ASSESSEES:Mr. Ajay Vohra, Advocate with Mr. Kavita Jha, Mr. Somnath Shul