https://www.taxtmi.com/caselaws?id=275963 The High Court clarified that DEPB/duty draw back benefits do not form part of net profit for deductions under Section 80IA/80IB. Referring to various precedents, including the Supreme Court's rulings, it was emphasized that DEPB entitlement is not directly related to the business until export. The Court directed the Assessing Officer to recalculate income accordingly. The matter was remitted for reconsideration in line with established legal interpretations, highlighting that DEPB benefits are not derived from business profits but fall under "profits and gains of business or profession." en-us Wed, 09 May 2018 00:00:00 +0530 Wed, 24 Oct 2018 08:54:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275963 The High Court clarified that DEPB/duty draw back benefits do not form part of net profit for deductions under Section 80IA/80IB. Referring to various precedents, including the Supreme Court's rulings, it was emphasized that DEPB entitlement is not directly related to the business until export. The Court directed the Assessing Officer to recalculate income accordingly. The matter was remitted for reconsideration in line with established legal interpretations, highlighting that DEPB benefits are not derived from business profits but fall under "profits and gains of business or profession." Case-Laws Income Tax Wed, 09 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275963