Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (6) TMI 981 - HC - Income TaxEligibility for deduction under section 80IB - DEPB and duty drawback not considering - Held that:- We are not in agreement that the ITAT has erred in not considering both the aspects viz. the duty drawback as also the claim which was made towards DEPB. If DEPB was covered by Liberty India's judgment [2009 (8) TMI 63 - SUPREME COURT] then failure to consider duty drawback claim is unsustainable, is the plea. We are unable to agree with the same. Supreme Court has considered both the claims and held as above. Therefore, ratio of that judgment is clearly applicable to the facts and circumstances of the present case. The Tribunal did not commit any error in holding that if the claim was of Daman Unit of the Assessee, then the matter was squarely covered against the Assessee and in favour of the Revenue by Liberty India' judgment. From the copy of the order passed by the Delhi High Court in the case of Dharampal Premchand Ltd., [2010 (9) TMI 155 - DELHI HIGH COURT] it is apparent that Assessee filed return declaring certain income which included amount refunded as excise duty. The Assessing Officer held that the refund of excise duty was not income derived and therefore, the Assessee was not entitled to include the same in its income. It is in that event the Assessing Officer held that the deduction under section 80-IB in respect of that unit could not be granted. The Assessing Officer's order was reversed by the Commissioner of Income Tax (Appeals). The Tribunal reversed the order of the Commissioner of Income Tax (Appeals). As a result of the above discussion and finding that the Tribunal's order is not vitiated by any perversity, we proceed to dismiss this Appeal
|