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2005 (6) TMI 475 - ITAT DELHIDeductions u/s 80-IB - The amount of duty drawback is eligible or not for deduction u/s 80-IB - industrial undertaking - HELD THAT:- The issue involved in the instant case of the assessee under consideration before me is also identical because in this case also the assessee has claimed deduction for the amount of duty drawback u/s 80-IB of the Act claiming the same to be an income derived from a business of industrial undertaking u/s 80-IB of the Act. Ratio of the decision of the Hon’ble Delhi High Court in the case of Ritesh Industries Ltd. [2004 (9) TMI 36 - DELHI HIGH COURT] fully applies to the facts and the issue involved in the instant case of the assessee and so, respectfully following the decision (supra), which is binding upon this Tribunal, being a decision of jurisdictional High Court, it is held that a sum received by the assessee on account of duty drawback cannot be considered as income derived from the business of an industrial undertaking so as to entitle the assessee to a deduction u/s 80-IB and, hence, the order of the CIT (Appeals) in allowing the impugned deduction is set aside. Ground of appeal taken by the Revenue is allowed. In the result, the appeal filed by the Revenue is allowed.
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