https://www.taxtmi.com/caselaws?id=239552 The court ruled in favor of the revenue, holding that duty drawback income should be excluded from allowable deductions under Section 80-IB of the Income Tax Act, 1961. The court emphasized that duty drawback incentives are not business income and expenses related to their realization do not qualify for deductions. Therefore, gross duty drawback receipts, without deducting the expenses for their recovery, should not be considered for computing deductions under Section 80-IB. The appeal was accepted, overturning the Income Tax Appellate Tribunal's decision on this issue. en-us Tue, 30 Jul 2013 00:00:00 +0530 Sat, 16 Nov 2013 08:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239552 The court ruled in favor of the revenue, holding that duty drawback income should be excluded from allowable deductions under Section 80-IB of the Income Tax Act, 1961. The court emphasized that duty drawback incentives are not business income and expenses related to their realization do not qualify for deductions. Therefore, gross duty drawback receipts, without deducting the expenses for their recovery, should not be considered for computing deductions under Section 80-IB. The appeal was accepted, overturning the Income Tax Appellate Tribunal's decision on this issue. Case-Laws Income Tax Tue, 30 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239552