https://www.taxtmi.com/caselaws?id=32993 The Gujarat High Court in the case of CIT v. India Gelatine and Chemicals Ltd. held that duty drawback qualifies as 'income derived' from industrial activities for deductions under Section 80IB of the Income Tax Act. The Court emphasized that duty drawback is linked to reducing manufacturing costs and is directly related to the cost of production involving customs and excise duties. Therefore, the Court rejected the Appellant's argument and maintained that duty drawback should be considered eligible for deduction. The appeal was dismissed, affirming that duty drawback is indeed 'income derived' from industrial undertakings for the purpose of calculating deductions under Section 80IB. en-us Mon, 19 Jan 2009 00:00:00 +0530 Thu, 16 Apr 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32993 The Gujarat High Court in the case of CIT v. India Gelatine and Chemicals Ltd. held that duty drawback qualifies as 'income derived' from industrial activities for deductions under Section 80IB of the Income Tax Act. The Court emphasized that duty drawback is linked to reducing manufacturing costs and is directly related to the cost of production involving customs and excise duties. Therefore, the Court rejected the Appellant's argument and maintained that duty drawback should be considered eligible for deduction. The appeal was dismissed, affirming that duty drawback is indeed 'income derived' from industrial undertakings for the purpose of calculating deductions under Section 80IB. Case-Laws Income Tax Mon, 19 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32993