TMI Blog2010 (10) TMI 1080X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Ld. CIT (A) dated 15th February, 2010 on the ground that the authorities, on the facts of the case, erred in treating the receipt of DDB / DEPB at ₹ 10,25,783/- and ₹ 4,22,598/- respectively as income not forming part of the export profit of the undertaking eligible for deduction / exemption U/s 10BA of the Act. 2. During hearing of this appeal nobody was present for the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cern engaged manufacturing / processing and export of handy craft articles, mainly wooden, of artistic taste. During the year the assessee claimed deduction U/s 10B A of the Act. The claim of the assessee was examined in detail wherein the Ld. Assessing Officer after considering the report of the inspector visited the factory premises of the assessee and carried out necessary verification. The ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Apex Court deliberated upon the meaning of the word derived from and held that Duty Draw Back receipt (DDB) and DEPB do not form part of net profit of eligible industrial undertaking, though, U/s 80(1), 80(1A), 80(1B) of the Act. While coming to this conclusion Hon ble Apex Court affirmed the decision from Hon ble Punjab and Haryana High Court in 293 ITR 520, CIT Vs Lakmindar Singh, 317 ITR 209 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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