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2023 (9) TMI 1315 - AT - Income TaxRevision u/s 263 - Deduction u/s 80IB(11A) - disallowance of deduction received from Duty Draw Back Scheme and from MEIS - HELD THAT:- Admittedly, the assessee has claimed a deduction u/s. 80IB(11A) after considering the adjustments of depreciation and other expenditure. As also found that the assessee has received an income from Duty Draw Back and from MEIS. This Bench by relying on the decision of the Hon’ble Supreme Court in the case of CIT vs. Meghalaya Steels Limited [2016 (3) TMI 375 - SUPREME COURT] has allowed deduction of export incentives namely Duty Drawback scheme, Duty Entitlement Pass Book Scheme (DEPB) in the case of Nekkanti Sea Foods Limited [2023 (3) TMI 822 - ITAT VISAKHAPATNAM] - subsequently in the case of M/s. Saraf Exports [2023 (4) TMI 420 - SUPREME COURT] has clearly held that the income received from Duty DrawBack and DEPB schemes are not derived from the industrial undertaking and hence not allowable as deduction u/s. 80IB(11A). Decided against assessee.
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