https://www.taxtmi.com/caselaws?id=13576 The HC allowed the Revenue's appeal against the ITAT order, ruling that duty drawback cannot be considered income derived from an industrial undertaking under section 80-IB. The decision was based on the precedent set in Liberty India v. CIT, which requires a direct nexus between profits and the industrial undertaking. The court criticized the Tribunal for not considering relevant judgments and emphasized the need for judicial discipline. The ITAT order was set aside, reinforcing the interpretation that duty drawback does not qualify for the deduction under section 80-IB. en-us Mon, 13 Nov 2006 00:00:00 +0530 Tue, 13 Feb 2024 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13576 The HC allowed the Revenue's appeal against the ITAT order, ruling that duty drawback cannot be considered income derived from an industrial undertaking under section 80-IB. The decision was based on the precedent set in Liberty India v. CIT, which requires a direct nexus between profits and the industrial undertaking. The court criticized the Tribunal for not considering relevant judgments and emphasized the need for judicial discipline. The ITAT order was set aside, reinforcing the interpretation that duty drawback does not qualify for the deduction under section 80-IB. Case-Laws Income Tax Mon, 13 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13576