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of <h1>Punjab & Haryana HC rules for revenue in DEPB income case, citing export incentive source.</h1> The Punjab and Haryana HC allowed the appeal in a DEPB income case, ruling in favor of the revenue based on the export incentive source. The court ... DEPB - The DEPB was an income derived from the Industrial undertaking - The assessee fairly states that the issue is covered against the assessee by judgment of the Hon’ble Supreme Court in Liberty India v. CIT, [2009 -TMI - 34471 - SUPREME COURT] - Accordingly, the question is answered in favour of the revenue and against the assessee. The Punjab and Haryana High Court allowed the appeal in a case concerning DEPB income, citing a judgment in favor of the revenue based on the source of the export incentive. The question of law raised was answered in favor of the revenue. The appeal was admitted to consider the substantial question of law raised regarding DEPB income. The issue was found to be covered against the assessee by a judgment of the Supreme Court.
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