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2009 (11) TMI 62 - PUNJAB AND HARYANA HIGH COURTExport Incentives – Deduction u/s 80IB - In the present case, the assessee is engaged in the business of manufacturing of guar gum. For the assessment year 2006-07, the assessee filed its returns declaring an income of Rs. 28,25,476/-. The return was processed under section 143 (1) of the Act and a refund of Rs. 24,80,660/- was granted vide order dated 14.9.2007. Thereafter, the case was taken up for scrutiny and processed under section 143 (3) of the Act. Vide order dated 28.3.2008, the Assessing Authority disallowed the claim made by the assessee under section 80-IB of the Act, which was claimed by the assessee being the profits derived from industrial undertaking Unit II - . According to the Assessing Authority, the said profit includes export incentives of Rs. 3,08,40,231/- including DEPB profits – CIT(A) allowed the deduction – ITAT denied the deduction – held that - Duty Draw Back and DEPB are incentives, which flow from the schemes framed by the Central Govt. or under Section 75 of the Customs Act, 1962 and these incentive profits do not fall within expression “profits derived from industrial undertaking in Section 80-IB of the Act – benefit not to be allowed – decided in favor of revenue.
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