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2014 (8) TMI 524 - AT - Income TaxDeduction u/s 80IC on export incentive - Manufacture of carpets – AO was of the view that the sum included the amount as duty drawback towards export incentives – Held that:- It has been decided in assessee’s own case for the earlier assessment year, it has been held in the judgment of Sharda Exports Versus Joint Commissioner of Income-tax [2013 (10) TMI 513 - ITAT DELHI] wherein it was held that, the decision of Hon’ble Supreme Court is subsequent to the amendment, hence, the decision cannot be distinguished - Following the decision in Liberty India vs. CIT [2009 (8) TMI 63 - SUPREME COURT] - DEPB receipts are not derived from an industrial undertaking rather their genesis is from the beneficiary scheme formulated under Central Excise Act etc. - They are the ancillary profit - the AO is directed to allow the deduction u/s 80IC of the Act as per law excluded on the DEPB receipts. CIT(A) has clearly observed that the assessee had received ₹ 7,29,34,000/- and the balance sum was shown as outstanding and the assessee was maintaining accounts on mercantile basis - assessee himself has included the amount in the net profit and claimed deduction u/s 80IC - the entire amount had to be considered and has rightly been considered by CIT(A) – Decided against Assessee.
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