Supreme Court of India
Orient Crafts Ltd. v. C.I.T., New Delhi
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
For the above reasons, we see no reason to interfere with the impugned Judgment.
Judgment, page 25
In brief
The appellants are garment manufacturers-exporters who were allotted transferable export quota entitlements (through the Apparels Export Promotion Council, under the Garment Export Entitlement Policy) and sold their surplus quota domestically to third parties, earning a premium (Rs. 73.49 lakhs in Orient Crafts for AY 2001-02; Rs. 90.43 lakhs in Samtex, besides interest on margin money deposits). Relying on a CBDT Office Memorandum dated 23.02.1998 stating that export quota premium can 'technically' be equated with profit on sale of import licences, cash assistance and duty drawback under Sections 28(iiia) to (iiic), the assessees treated the premium as export-related business profit and claimed deduction under Section 80HHC (and, in Samtex, exemption under Section 10A).…
Authorities it was built on
- CCE, Bolpur v. Ratan Melting & Wire Industries
- CIT v. Nagesh Knitwears P. Ltd
- C.I.T., Ludhiana v. Max India Ltd
- C.I.T. v. Amitabh Bachhan
- Malabar Industries Co. Ltd. v. CIT
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