https://www.taxtmi.com/caselaws?id=212568 The Tribunal allowed the appeal, overturning the denial of deduction under section 80-IB on Cenvat credit. It held that Cenvat credit is not real income but a mechanism to compute excise duty, unlike an incentive scheme. The Tribunal emphasized that the accounting methodology employed by the assessee did not impact profit derivation for the deduction. The decision in CIT vs. Dharam Pal Prem Chand Ltd. supported this view, stating that Cenvat credit does not constitute income from the industrial undertaking. The appeal was allowed, and the order was pronounced in the open court. en-us Wed, 30 Nov 2011 00:00:00 +0530 Tue, 20 Nov 2012 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212568 The Tribunal allowed the appeal, overturning the denial of deduction under section 80-IB on Cenvat credit. It held that Cenvat credit is not real income but a mechanism to compute excise duty, unlike an incentive scheme. The Tribunal emphasized that the accounting methodology employed by the assessee did not impact profit derivation for the deduction. The decision in CIT vs. Dharam Pal Prem Chand Ltd. supported this view, stating that Cenvat credit does not constitute income from the industrial undertaking. The appeal was allowed, and the order was pronounced in the open court. Case-Laws Income Tax Wed, 30 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212568