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2012 (10) TMI 21 - AT - Income TaxDeduction u/s 80I - denial in respect of income of DEPB in view of the decision in the case of Liberty India(2009 (8) TMI 63 - SUPREME COURT) - assessee contended that while computing eligible amount of deduction, the assessee itself has excluded DEPB receipts from eligible profit - Held that:- In the interest of justice, matter restored to the file of AO with a direction to verify computation of assessee’s total income and if he finds that income from DEPB has already been excluded from income of the industrial undertaking on which deduction is claimed u/s 80I, no further dis-allowance is warranted otherwise, same is to be decided as per verdict in case of Liberty India. Dis-allowance u/s 14A - Held that:- It is found from record that no direct expenditure was incurred by the assessee for earning exempt income. Only interest expenditure of Rs. 848/- was shown as indirect expenditure, which was also incurred in respect of vehicle loan availed by employees of the assessee company. Since no expenditure was incurred either directly or indirectly for earning exempt income, no disallowance is warranted u/s 14A - Decided in favor of assessee
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