https://www.taxtmi.com/caselaws?id=34471 The SC held that duty drawback, rebate, and DEPB benefits should not be treated as adjustments to cost of purchase or manufacture of goods but as separate revenue items. For AS-2 purposes, Cenvat credits should not be included in inventory purchase costs. Duty drawback, DEPB benefits, and rebates cannot be credited against manufacturing costs in P&L accounts for Sections 80-IA/80-IB purposes, as these constitute independent income sources beyond the nexus between profits and industrial undertakings. Such receipts do not form part of net profits of eligible industrial undertakings for deduction purposes under Sections 80I/80-IA/80-IB. en-us Mon, 31 Aug 2009 00:00:00 +0530 Tue, 13 May 2025 12:17:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34471 The SC held that duty drawback, rebate, and DEPB benefits should not be treated as adjustments to cost of purchase or manufacture of goods but as separate revenue items. For AS-2 purposes, Cenvat credits should not be included in inventory purchase costs. Duty drawback, DEPB benefits, and rebates cannot be credited against manufacturing costs in P&L accounts for Sections 80-IA/80-IB purposes, as these constitute independent income sources beyond the nexus between profits and industrial undertakings. Such receipts do not form part of net profits of eligible industrial undertakings for deduction purposes under Sections 80I/80-IA/80-IB. Case-Laws Income Tax Mon, 31 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34471