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2015 (12) TMI 707 - AT - Income TaxRevision u/s 263 - Commissioner has held that the exemption under section 80IB will not admissible on the duty draw back income and interest income because it was not derived from undertaking - Held that:- In the present case, CIT issued notice after the decision of Hon'ble Supreme Court in the case of Liberty Shoes (2009 (8) TMI 63 - SUPREME COURT ) construed the meaning of expression "profits derived from industrial undertaking". The Hon'ble Supreme Court has explained the meaning of this expression and held that expression "derived" has a narrow connotation. The duty draw back has not first degree nexus with the industrial undertaking. These are being received as incentive benefits under the incentive provisions. Thus, such amount cannot be termed as "derived from industrial undertaking", and not eligible for deduction. On due consideration of all these facts and circumstances, we are of the view that the ld. Commissioner of Income Tax has appreciated the facts in right perspective while taking cognizance under section 263 of the Income Tax Act. - Decided against assessee.
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