https://www.taxtmi.com/caselaws?id=350060 The Court upheld the Tribunal's decision that DEPB and duty drawback benefits are not included in net profit for deduction under sections 80IA/80IB. It directed the Assessing Officer to recalculate income in accordance with relevant case law, emphasizing the proportionality of export turnover to total turnover for profit calculation. The Court clarified that DEPB benefits are not directly related to industrial undertakings' business and addressed the classification of subsidies received against exports. The matter was remitted for reconsideration based on legal precedents without expressing an opinion on the case's merits. en-us Mon, 23 Oct 2017 00:00:00 +0530 Mon, 30 Oct 2017 08:32:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350060 The Court upheld the Tribunal's decision that DEPB and duty drawback benefits are not included in net profit for deduction under sections 80IA/80IB. It directed the Assessing Officer to recalculate income in accordance with relevant case law, emphasizing the proportionality of export turnover to total turnover for profit calculation. The Court clarified that DEPB benefits are not directly related to industrial undertakings' business and addressed the classification of subsidies received against exports. The matter was remitted for reconsideration based on legal precedents without expressing an opinion on the case's merits. Case-Laws Income Tax Mon, 23 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350060