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TAXAP/864/2008 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX
APPEAL No. 864 of 2008
=========================================================
THE
COMMISSIONER OF INCOME TAX, CENTRAL - II - Appellant(s)
Versus
AJANTA
ELECTRONICS PVT. LTD. - Opponent(s)
=========================================================
Appearance
:
MR
MANISH BHATT, SR COUNSEL
for
Appellant(s) : 1,
RULE SERVED for Opponent(s) :
1,
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE AKIL KURESHI
and
HONOURABLE
MS JUSTICE SONIA GOKANI
Date
: 06/07/2011
ORAL
ORDER
(Per
: HONOURABLE MR.JUSTICE AKIL KURESHI)
Revenue
is in appeal against judgement of the tribunal dated 18.10.2007.
Following question was framed by the Bench while admitting the
appeal on 13.4.2009 :
“Whether
the Appellate Tribunal is right in law and on facts in holding that
export incentive can be stated to be derived from export activity
eligible for deduction under Section 80IA and thereby restoring the
issue tot he file of the Assessing Officer?”
Question
pertains to assessment year 1998-1999.
Counsel
for the Revenue pointed out that this issue is covered in favour of
the Revenue by virtue of judgement of Supreme Court in case of
Liberty India v. Commissioner of Income-tax reported in
(2009) 317 ITR 218(SC).
We
find that in the above judgement, the Apex Court held as under :
“In
the circumstances, we hold that duty drawback receipt/DEPB benefits
do not form part of the net profits of eligible industrial
undertaking for the purposes of section 80-I/80-IA/80-IB of the
1961 Act.”
Issue
being identical, this question is answered in favour of the Revenue.
Tax appeal is allowed. Judgement of the tribunal dated 18.10.2007 is
set aside. Tax Appeal is disposed of accordingly.
(Akil
Kureshi,J.)
(Ms.
Sonia Gokani,J.)
(raghu)
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