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2010 (12) TMI 885 - AT - Income TaxReassessment - Deduction u/s 80IB - The net profit of Banther Unit is declared at Rs.20,75,158/- which includes the amount of duty draw back of Rs.25,43,130 - held that:-In the present case also the notice under section 148 for making the re-assessment under section 147 of the Act was not based merely on change of opinion but also on the judgments of the Hon'ble Madras and Hon'ble Delhi High Courts, therefore, the re-opening under section 148 of the Act was valid. Claim of duty drawback as deduction u/s 80IB - in the case of Liberty India v. CIT [2009 -TMI - 34471 - SUPREME COURT] the Supreme Court considered the scheme of the duty drawback and held that the duty drawback received from the Central Government under the scheme does not fall within the purview of income derived from the business of the industrial undertaking so as to entitle the assessee to deduction under section 80-IB of the Act - Decided against the assessee
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