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2017 (6) TMI 83 - HC - Income TaxEntitlement to deduct under section 80-IB - transport subsidy and excise refund receipt - Held that:- The appellant is entitled to deduction under section 80-IB in respect of excise duty refund of Income Tax Act. Supreme Court in Commissioner of Income Tax v. M/S Meghalaya Steels Lld. [2016 (3) TMI 375 - SUPREME COURT ] and in case M/S Shree Balaji Alloys v. Commissioner of Income Tax and anr, (2011 (1) TMI 394 - Jammu and Kashmir High Court ) held excise refund to be capital receipts in the hands of assesses and deduction u/s 80 IB of the Act allowed. In so for as the transport subsidy is concerned in the case of Commissioner of Income Tax income Tax Vs. M/S Meghalaya Steels Ltd, reported in (2016 (3) TMI 375 - SUPREME COURT ) 3 Scale 192, the Supreme Court held that the benefit of deduction under section 80-IB of the Income Tax Act is applicable to transport subsidy.A circular No. 39/2016 dated November 29th, 2016, issued by Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, New Delhi is also on the aforesaid terms. - Assessee appeal allowed.
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