SC : Face value of DEPB Taxable in the Year of Receipt, Profit on it Taxable in the Year of Sale

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Supreme Court in Topman Exports vs CIT vide its order dated 8 February 2012 has allowed a number of SLP filed against the order of Mumbai High Court in which the High Court favoured Income Tax Department  overruling the decision of the  Special Bench of ITAT Mumbai  on the issue of nature of income with…

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