https://www.taxtmi.com/caselaws?id=195476 The High Court upheld the Tribunal's decision, stating that excise duty refunds do not qualify as income derived from the industrial undertaking under Section 80IC(2)(a)(iii). The Court supported the Tribunal's findings on the rejection of books of accounts and the estimation of gross profit, emphasizing the lack of evidence provided by the Assessing Officer. The Court reiterated that the burden of proof rests with the department regarding claims of over-billing and suppression of expenses. The appeals were dismissed, affirming the Tribunal's order. en-us Thu, 18 May 2017 00:00:00 +0530 Wed, 01 Nov 2017 10:48:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195476 The High Court upheld the Tribunal's decision, stating that excise duty refunds do not qualify as income derived from the industrial undertaking under Section 80IC(2)(a)(iii). The Court supported the Tribunal's findings on the rejection of books of accounts and the estimation of gross profit, emphasizing the lack of evidence provided by the Assessing Officer. The Court reiterated that the burden of proof rests with the department regarding claims of over-billing and suppression of expenses. The appeals were dismissed, affirming the Tribunal's order. Case-Laws Income Tax Thu, 18 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195476