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2011 (1) TMI 203 - HC - Income TaxDEPB - Additional depreciaition - Deduction u/s.80IA - - it was imperative that on and after 01.04.2003, the claim of the appellant made under Section 32(1)(iia) of the Act, had to be necessarily assessed by applying the second proviso to Section 32(1) of the Act - Therefore, when there was statutory stipulation providing for restriction to 50% of the amount allowable under Section 32(1)(iia) of the Act, no fault can be found with the conclusion of the Assessing Authority as well as that of the Appellate Authority and the Tribunal in having affirmed the action of the Assessing Authority - Decided against the assessee whether the export incentives earned by the appellant under the DEPB Scheme was allowable as deduction under Section 80IA of the Act - the remission of duty is on account of the statutory/policy provisions in the Customs Act/Schemes(s) framed by the Government of India - profits derived by way of such incentives do not fall within the expression "profits derived from industrial undertaking" in s.80-IB. - Appeal is dismissed
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