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2022 (6) TMI 350 - AT - Income TaxDeduction u/s 80IB(11A) - Pr. CIT referred to the decision of the Hon’ble Supreme Court in the case of Liberty India [2009 (8) TMI 63 - SUPREME COURT] and directed the AO to exclude the export incentives for the purpose of computation of deduction U/s. 80IB(11A) - HELD THAT:- As the export incentives cannot be considered as profits derived from industrial activities for the purpose of claiming deduction U/s. 80IB(11A) of the Act, the reliance placed by the Ld. AR in the decision in the case of Meghalaya Steels Ltd [2016 (3) TMI 375 - SUPREME COURT] have merits in the case. Thus we hold that the export entitlements (MEIS) and the duty drawback of promotion scheme is an income asssessable under the head “profits or gains from business or profession” as per clause (iiib) and (iiid) to section 28 of the IT Act, 1961. In view of the above, the Ground raised by the assessee is allowed.
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