2014 (1) TMI 811

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....sp; "(A) Whether on the facts and circumstances of the case and in law was the Appellate Tribunal right in holding that the amendment to the proviso to sec.43B by the Finance Act, 2003, w.e.f. 01/04/2004 is retrospective nature?    (B) Whether on the facts and circumstances of the case and in law was the Appellate Tribunal right in holding that income of Rs.2,40,667/- from duty drawback should not be excludes from the profits eligible for deduction under Section 80IB,though it has not been "derived from" manufacturing activity carried on by the assessee?" 2.00. That the assessee filed return of income for AY 2002-03 declaring total loss of Rs.15,09,202/- and income of Rs.76,12,454/- under section 115JB of the Income Tax Act,....

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.... of law :    "(A) Whether on the facts and circumstances of the case and in law was the Appellate Tribunal right in holding that the amendment to the proviso to sec.43B by the Finance Act, 2003, w.e.f. 01/04/2004 is retrospective nature?  (B) Whether on the facts and circumstances of the case and in law was the Appellate Tribunal right in holding that income of Rs.2,40,667/- from duty drawback should not be excludes from the profits eligible for deduction under Section 80IB,though it has not been "derived from" manufacturing activity carried on by the assessee?" 3.00. Heard Mr.Sudhir Mehta, learned counsel appearing on behalf of the revenue and Mr.B.S. Soparkar, learned advocate appearing on behalf of the respondent ....

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....retrospectively, the tribunal has not committed any error and/or illegality in holding that the assessee would be entitled to the deduction as claimed. Under the circumstances Question No.(A) is held against the revenue. 3.03. Now, so far as Question No.(B), Whether on the facts and circumstances of the case and in law was the Appellate Tribunal right in holding that income of Rs.2,40,667/- from duty drawback should not be excludes from the profits eligible for deduction under Section 80IB, though it has not been "derived from" manufacturing activity carried on by the assessee, is concerned, the said question is squarely covered against the assessee by the decision of the Hon'ble Supreme Court in the case of Liberty India Vs. Commissione....