https://www.taxtmi.com/caselaws?id=435436 The Appellate Tribunal ITAT VISAKHAPATNAM dismissed the Revenue's appeal against the Ld. CIT(A)'s decision in favor of the assessee regarding the allowability of income under Duty Draw Back and MEIS scheme for claiming deduction under Section 80IB of the Income Tax Act, 1961. The Tribunal held that these export incentives should be treated as income under the head "profits and gains from business or profession," citing the judgment in CIT vs. Meghalaya Steels Ltd. en-us Fri, 17 Mar 2023 00:00:00 +0530 Sat, 18 Mar 2023 15:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435436 The Appellate Tribunal ITAT VISAKHAPATNAM dismissed the Revenue's appeal against the Ld. CIT(A)'s decision in favor of the assessee regarding the allowability of income under Duty Draw Back and MEIS scheme for claiming deduction under Section 80IB of the Income Tax Act, 1961. The Tribunal held that these export incentives should be treated as income under the head "profits and gains from business or profession," citing the judgment in CIT vs. Meghalaya Steels Ltd. Case-Laws Income Tax Fri, 17 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435436