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As per the decision of supreme court in the case of CIT vs Liberty India and the decision of Madras High Court in the case of CIT vs Jameel leathers and uppers, dutydraw back received from the government are not includible in the profits for the purpose of computing deduction under section 80 IB. On the same line dutydraw back received from the government is nothing but a type of incentive to promote the export business, hence It shall not be considered for computation of book profit for the purpose of computation of remmuneration to the partners of firm.
salary to partners
ravindranath rao
Export incentives exclusion: duty drawback excluded from book profit, affecting partners' remuneration calculation. Duty drawback and comparable export incentives are to be treated as promotional incentives and excluded from business book profit when computing entitlement to export-linked tax deductions; accordingly, such receipts are omitted from the book profit base used to calculate partners' remuneration tied to that book profit. (AI Summary)
