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2016 (7) TMI 463 - HC - Income TaxDeduction under Section 80IB - income from DEPB and DEPB premium - non entitlement to deduction as per ITAT - Held that:- Principle of netting while excluding certain sum from the claim of assessee for deduction under section 80IB of the Act is neither new nor unfamiliar. Such principle however, cannot be applied in the present case since this very issue of exclusion of the entire amount of DEPB from the profit eligible for deduction under section 80IB of the Act is well entrenched since long by virtue of judgement of the Supreme Court in case of Liberty India (2009 (8) TMI 63 - SUPREME COURT ) wherein held Duty drawback receipt/DEPB benefits do not form part of the net profits of eligible industrial undertaking for the purposes of Sections 80I/80-IA/80-IB of the 1961 Act. Question is answered against the assessee and in favour of the department.
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