M/s Perfect Forgings vs Commissioner of Income Tax-II, Ludhiana

M.M. Kumar, J.—This appeal filed u/s 260A of the Income Tax Act, 1961 (for brevity, ''the Ac t'') challenges order dated 30.6.2011, passed by the Chandigarh Bench of the Income Tax Appellate Tribunal (for brevity, ''the Tribunal'') deciding the issue of computation of deduction u/s 80HHC of the Act on export incentive Duty Entitlement Pass Book (DEPB); Duty Draw Back (DBK); and Duty Free Remission Scheme (DFRC) against the assessee-appellan t in the light of the judgment of Bombay High Court rendered in the case of Commissioner of Income Tax Vs. Kalpataru Colours and Chemicals, Notice of motion. Ms. Savi ta Saxena, standing counsel for the revenue-respondent, who is present in the Court, accepts notice. With the consent of the learned counsel the appeal is taken up for final disposal today itself.

Learned counsel for the parties are ad idem that the present appeal is squarely covered by our judgment in a bunch of appeals, rendered in the case of M/s Turbo Impex Commissioner of Income Tax-II, Ludhiana (ITA No. 361 of 2011, decided on 20.3.2012) wherein we have allowed the appeals in the light of the principles enunciated by Hon''ble the Supreme Court in the case of Topman Exports Commissioner of Income Tax, Mumbai (2012) 3 SCC 593.

Accordingly, the instant appeal is also allowed in terms of the judgment of Hon''ble the Supreme Court rendered in the case of Topman Exports (supra). The impugned order passed by the Tribunal is set aside. The matter is remanded back to the Assessing Officer with a direction to compute the deduction u/s 80HHC of the Act in accordance with law and in the light of the judgment of Hon''ble the Supreme Court in the case of Topman Exports (supra).