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Commissioner of Income Tax, Ludhiana Versus Duke Fashions Pvt. Ltd., Ludhiana

2015 (11) TMI 1071 - PUNJAB AND HARYANA HIGH COURT

Deduction u/s 80HHC(4C) - whether insurance claim was not in the nature of 'other receipts' and 90% of such receipts could not be reduced from 'profit of business' under clause (baa) of Explanation below section 80HHC(4C) of I.T. Act? - Held that:- Question No. (i) is covered by the decision of this Court in Commissioner of Income Tax-I, Ludhiana v. Venus Fabrics, Ludhiana (2013 (7) TMI 927 - PUNJAB & HARYANA HIGH COURT) wherein it was held the words “any other receipt of a similar nature includ .....

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receipts of a similar nature”. A claim for insurance arises on account of a special loss to an assessee and, therefore, does not require any degree of legal acumen or scholarship to infer that such receipt cannot be included within subclause (1) of the aforementioned explanation. - Decided against the revenue

Deduction u/s 80HHC - Held that:- The sales tax & CST were not includible in total turnover for computing deduction u/s 80HHC of I.T. Act, when the sales tax & CST were realized .....

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turnover. - Decided against the revenue

Deduction u/s 80IB on duty drawn back - Held that:- As revenue has relied upon the judgment of the Apex Court in Liberty India v. Commissioner of Income Tax (2009 (8) TMI 63 - SUPREME COURT) to urge that profit from DEPB and Duty Drawback Scheme are not profits derived from the eligible business under Section 80IB of the Act. It was prayed that question thus, to be answered in favour of the revenue. Learned counsel for the assessee was unable to .....

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Tax Act, 1961 (in short the Act ) against the order dated 31.8.2006 (Annexure A-III) passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'B', Chandigarh (hereinafter referred to as the Tribunal ) in ITA No. 740/CHD/2004 for the assessment year 2001- 02, claiming the following substantial questions of law:- i) Whether on the facts and law, the Hon'ble Income Tax Appellate Tribunal was justified in holding that insurance claim was not in the nature of 'other receipts' .....

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the facts and law, the Hon'ble Income Tax Appellate Tribunal was justified in allowing deduction u/s 80IB on duty drawn back when the same was not a profit derived from industrial undertaking/specified business u/s 80IB of I.T. Act? 3. Put shortly, the facts necessary for adjudication of the instant appeal as narrated therein may be noticed. The assessee filed its return on 25.10.2001 for the assessment year 2001-02 declaring income at ₹ 20,87,310/-. The assessment was framed vide orde .....

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lowed on the duty draw back as it was not profit derived from industrial undertaking. Feeling aggrieved, the assessee filed an appeal before the Commissioner of Income Tax (Appeals) [for brevity the CIT(A) ]. The CIT(A) vide order dated 30.3.2004 (Annexure A-II) partly allowed the appeal and directed the Assessing Officer not to reduce 90% of the receipts from the 'profits of the business' under clause (baa) of Explanation to Section 80HHC(4C) of the Act. Further, the Assessing Officer w .....

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decision in ITA No. 742/CHD/2004 in the case of DCIT v. M/s Verma Fabrics and upheld the order of the CIT(A) in treating the duty draw back as a part of profit derived from industrial undertaking under Section 80IB of the Act. Hence, the present appeal by the revenue. 4. We have heard learned counsel for the parties. 5. It was not disputed by learned counsel for the parties that question No. (i) is covered by the decision of this Court in ITA No. 165 of 2007 (Commissioner of Income Tax-I, Ludhia .....

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usiness means the profits of the business as computed under the head Profits and gains of business or profession as reduced by- (1) ninety per cent of any sum referred to in clauses (iiia), (iiib), (iiic), (iiid) and (iiie)] of section 28 or of any receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature included in such profits; and (2) the profits of any branch, office, warehouse or any other establishment of the assessee situate outside India .....

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