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DEPB BENEFITS AND DUTY DRAWBACK

This query is : Resolved 
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(Querist)
07 November 2009 can we claim deduction under Section 80-IB as profit on account of DEPB and Duty Drawback credited to the Profit & Loss account.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
10 November 2009 LIBERTY INDIA vs. COMMISSIONER OF INCOME TAX

Civil Appeal No. 5891 of 2009 – SC

Decision dated 31st August, 2009

Gist:

Profit on sale of DEPB and benefits under Duty Drawback Scheme do not fall within the expression “profit derived from industrial undertaking” u/s. 80IB. Such incentives are not to be credited against the cost of goods manufactured in the profit and loss a/c for the purpose of Sec. 80IB as well as Sec. 80IA and they are independent source of income. The Supreme Court confirmed the narrower connotation that can be assigned to the expression “derived from” as against the wider connotation assignable to “attributable to”.
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