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2014 (1) TMI 811 - HC - Income TaxWhether amendment to the proviso to sec.43B by the Finance Act, 2003, w.e.f. 01/04/2004 is retrospective nature – Held that:- Following Commissioner of Income Tax Vs. Alom Extrusions Ltd. [2009 (11) TMI 27 - SUPREME COURT] - Particularly when the second proviso to Section 43B came to be deleted and there is amendment in first proviso to section 43B, which is held to be operative retrospectively - When the assessee deposited the amount with the department within extended grace period under the Provident Fund Act, the tribunal has not committed any error and/or illegality in holding that the assessee would be entitled to the deduction as claimed – Decided against Revenue. Whether income from duty drawback be excluded from the profits eligible for deduction under Section 80IB – Held that:- Following Liberty India Vs. Commissioner of Income Tax [2009 (8) TMI 63 - SUPREME COURT] - Duty drawback receipt and DEPB benefits do not form part of the net profits of eligible industrial undertakings for the purpose of deduction under section 80- I/80-IA/80-IB of the Income Tax Act - Duty drawback receipt and DEPB benefits are incentives which flow from the Scheme framed by the Central Government or from section 75 of the Customs Act, 1962 - Such incentives profits are not profits derived from eligible business under section 80-IB – Decided against assessee.
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