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2017 (8) TMI 1238 - AT - Income TaxDeduction u/s 10B - duty drawback - business income or not - Held that:- Sub-section (4) of section 10A/10B of the Act is a complete code providing the mechanism for computing the "profits of the business" eligible for deduction u/s 10B of the Act. Once an income forms part of the business of the income of the eligible undertaking of the assessee, the same cannot be excluded from the eligible profits for the purpose of computing deduction u/s 10B of the Act. In the assessee's own case in the preceding years, after considering the decision in the case of Liberty India [2009 (8) TMI 63 - SUPREME COURT ] held that provisions of section 10B are different from the provisions of section 80IA wherein no 77 formula has been laid down for computing the eligible business profit. Thus question is answered, in affirmative and in favour of the assessee. Accordingly, the assessee is eligible for claim of deduction on export incentive received by it in terms of provisions of section 10B(1) read with section 10B(4) of the Act.
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