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2006 (11) TMI 163 - PUNJAB AND HARYANA HIGH COURTDeduction u/s 80-IB - duty drawback received - income 'derived from' an industrial undertaking - HELD THAT:- Learned counsel for the Revenue relies upon the judgment of this court, in Liberty India v. CIT [2006 (9) TMI 79 - HIGH COURT, PUNJAB AND HARYANA], wherein, the question raised was examined and it was held that the amount of duty drawback received by the assessee could not be treated as income "derived from" an industrial undertaking. We find merit in the contentions raised. For the reasons recorded in Liberty India's case, the question raised is answered in favour of the Revenue and against the assessee. Accordingly, the appeal is allowed and the order of the Tribunal is set aside.
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