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2012 (6) TMI 375 - AT - Income TaxEligibility of deduction of the receipt of DEPB/Duty Drawback benefit u/s 80IB of the Act - appellant, a partnership firm engaged in manufacturing of fabrics out of yarns and also various textile items, claimed deduction u/s 80IB of the Act, on the increased profits as profit of the industrial undertaking, on account of DEPB and Duty Drawback, credited to the Profit & Loss account – 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/80IA/80IB of the 1961 Act, in the case of M/s. Liberty India Vs. CIT (2009 - TMI - 34471 - SUPREME COURT - Income Tax), eligibility of deduction of the receipt of DEPB/Duty Drawback benefit u/s 80IB of the Act, decision in favour of the Revenue and against the assessee Whether CIT(A), has erred in holding that deduction u/s.80IB is to be reduced from the profits of business for computing deduction allowed u/s.80HHC - Deduction u/s.80HHC is an independent deduction and is available independent of the deduction allowable u/s.80IB – Held that:- in the case M/s. Hindustan Mint & Agro Products Pvt. Ltd. (2009 - TMI - 64377 - ITAT DELHI-C - Income Tax) , ground raised by the assessee is adjudicated in favour of the Revenue and against the assessee, appeal of the assessee is dismissed
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