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2015 (1) TMI 512 - ITAT DELHIExemption u/s 10B - Duty drawback - whether CIT(A) has erred in allowing the duty drawback to be included as part of eligible profit derived from export oriented unit u/s 10B of the Income Tax Act? - Held that:- CIT(A) was right in holding that section 10B(4) of the Act is a complete code which provides a formula/mechanism for computing the profits of the business eligible for deduction u/s 10B of the Act and in view of the decision of Special Bench in the case of Maral Overseas Ltd.,(2012 (4) TMI 345 - ITAT INDORE ) the present assessee was rightly held to be eligible for the claim of deduction on the export incentive received by it as per provision of section 10B (1) r.w.s. 10B(4) of the Act. AO was not justified in disallowing the claim of the assessee on the basis of decision of Hon’ble Apex Court in the case of Liberty India (2009 (8) TMI 63 - SUPREME COURT) since provisions of section 10B are different from the provisions of section 80lA wherein no formula has been laid down for computing the eligible business profit Thus we are inclined to hold that the ld. CIT(A) was right and quite justified in granting relief for the assessee - Decided against revenue.
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