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2015 (1) TMI 789 - AT - Income TaxReimbursement of freight charges - Held that:- Find ourselves to be in complete agreement with the findings by the ld. CIT(A), whose order has not been impugned by the assessee in any meaningful manner. The receipt on account of freight is not in vacuum, and its basis lies in the incurring of the freight and insurance expenses by the assessee. Both the incurring of the expenditure on these counts, as well as the raising of the bills on cum freight and insurance basis on the overseas customers, has not been disputed by the Revenue. How then, we wonder, could it adopt a view as that followed by the A.O. Further, the source of the said receipt does not clearly lie in any separate or independent source of income, i.e., distinct and apart from the assessee’s business of manufacture and export of goods outside India. We, accordingly, find no merit in the Revenue’s stand, and the said receipt would stand to form as a part of the assessee’s export business. - Decided against revenue. DEPB receipt for being included in computing the deduction u/s.10B - Held that:- The receipt by way of DEPB shall not form part of the eligible profit of the assessee’s EOU u/s.10B(1) r/w s. 10B(4). Decided against assessee.
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