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2009 (11) TMI 638 - HC - Income TaxDeduction under section 80-IA - whether assessee is entitled to deduction under section 80-IA of the Income-tax Act, 1961, on interest received from trade debtors and also on interest earned on FDRs - Held that:- interest received from the trade debtors would be entitled to deduction under section 80-IA, but interest earned on FDRs would not be so entitled in view of the judgment in Shri Ram Honda Power Equip (2007 - TMI - 2891 - HIGH COURT, DELHI) Whether assessee is entitled to deduction under section 80-IA of the Income-tax Act, 1961, on the amount of the duty drawback and on the amount received by the assessee on sale of the DEPB and the QBAL licences - incomes would constitute independent source of income beyond the first degree nexus between profits of the industrial undertaking and, therefore, were not to be treated as profits derived from the business of the industrial undertaking eligible for deduction under section 80-IB of the Act - Held that:- Duty drawback receipt/DEPB benefits do not form part of the net profits of eligible industrial undertaking for the purposes of Sections 80I/80-IA/80-IB of the 1961 Act, questions are answered in favour of the Revenue [Liberty India (2009 - TMI - 34471 - SUPREME COURT)] Whether the Tribunal was correct in law in allowing deduction to the assessee under section 80-IA of the Income-tax Act, 1961, on the amount of notional credit of customs duty on goods imported for self-consumption - questions are answered in favour of the Revenue [Liberty India (2009 - TMI - 34471 - SUPREME COURT)]
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