https://www.taxtmi.com/highlights?id=97002 High Court applied the principle in Liberty India to hold that duty drawback, DEPB and similar remissions constitute an independent source of income and cannot be credited against cost of manufacture for purposes of deductions available to industrial undertakings; question (i) ruled against the appellant. The court remanded the matter to the assessing officer to determine and deduct excise and customs duties paid on raw material purchases from the duty drawback amount and to pass a fresh assessment reflecting that adjustment. en-us Wed, 18 Feb 2026 10:47:23 +0530 Wed, 18 Feb 2026 10:47:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=97002 High Court applied the principle in Liberty India to hold that duty drawback, DEPB and similar remissions constitute an independent source of income and cannot be credited against cost of manufacture for purposes of deductions available to industrial undertakings; question (i) ruled against the appellant. The court remanded the matter to the assessing officer to determine and deduct excise and customs duties paid on raw material purchases from the duty drawback amount and to pass a fresh assessment reflecting that adjustment. Highlights Income Tax Wed, 18 Feb 2026 10:47:23 +0530 https://www.taxtmi.com/highlights?id=97002