2008 (9) TMI 872

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....te Tribunal, Delhi Bench "C" , New Delhi, dated January 19, 2007, for the assessment year 2003-04, proposing the following substantial questions of law: "1. Whether the duty drawback received by the appellant is derived from an industrial undertaking as per the genesis of the word ` derived' in its true sense and spirits? 2. Whether the duty drawback received is an amount derived eligible fo....

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.... The assessee derives income from manufacture of export of carpets. During the course of assessment, for the assessment year 2003-04, the Assessing Officer excluded the claim of Rs. 1,41,02,387 from business profits while working out deductions under section 80-IB of the Act. The said amount was received by the assessee as duty drawback. It was held that the said amount could not be treated as pr....