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2007 (7) TMI 302 - HC - Income TaxIndustrial Undertakings – exemption under section 80IB – duty drawback – held that - section 80-IB refers to ‘profits and gains’ derived from any business referred to in sub-sections (3) to (11), (11A) and (11B) (such business being hereinafter referred to as the eligible business) ... sub-section (3) refers to industrial undertakings located in different areas classified as backward - held in favour of the Revenue - There must be, for the application of the words ‘derived from’, a direct nexus between the profits and gains and the industrial undertaking. In the instant case, the nexus is not direct but only incidental. – benefit of deduction u/s 80Ib is not allowed for duty drawback
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