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2014 (1) TMI 1136 - AT - Income TaxDeduction u/s 10BA - Held that:- Following assessee's own case for A.Y. 2008-09 - As per the amended section 10B(4) - Only the profits of the business of the undertaking only is to be considered for working out the profits and gains as are derived by an undertaking from export out of India of eligible articles or things - The profits and the gains of the business of the undertaking is to be worked out as per the provisions of section 28(i) - This does not include the profits of items under sub-sections (iiia), (iiib), (iiic), (iiid) and (iiie) etc. Duty Draw Back and any profit on transfer of DEPB. The plain reading of Section 10BA which deals with export of certain articles or things will make it clear that ‘such profits’ as are derived from the export out of India shall be allowed from the total income of the assessee - The sale proceeds of DEPB cannot be considered as part of turnover as it is not the sale proceeds of the articles or things manufactured and sold by the assessee, then the profits from sale of DEPB cannot apportioned on treated on profit derived by the undertaking from export out of India - The exemption provisions in 10BA have to be liberally interpreted unless the credit of DEPB and DDB is expressly taken away. Disallowance out of travelling expenses - Held that:- The Assessing Officer has not pointed out any instance where the expenses in question were incurred by the assessee for non-business purposes - The appellant has stated that all the above expenses are relate to wholly and exclusively for the business purpose - The disallowance is cannot be sustained being totally based on presumption - Decided against Revenue.
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