2010 (10) TMI 1080

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., J.M., 1. This appeal is by the assessee against the order of the Ld. CIT (A) dated 15th February, 2010 on the ground that the authorities, on the facts of the case, erred in treating the receipt of DDB / DEPB at Rs. 10,25,783/- and Rs. 4,22,598/- respectively as income not forming part of the export profit of the undertaking eligible for deduction / exemption U/s 10BA of the Act. 2. During....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... Brief facts are that the assessee is a partnership concern engaged manufacturing / processing and export of handy craft articles, mainly wooden, of artistic taste. During the year the assessee claimed deduction U/s 10B A of the Act. The claim of the assessee was examined in detail wherein the Ld. Assessing Officer after considering the report of the inspector visited the factory premises of the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ibunal. It is seen that the Hon'ble Apex Court deliberated upon the meaning of the word "derived from" and held that Duty Draw Back receipt (DDB) and DEPB do not form part of net profit of eligible industrial undertaking, though, U/s 80(1), 80(1A), 80(1B) of the Act. While coming to this conclusion Hon'ble Apex Court affirmed the decision from Hon'ble Punjab and Haryana High Court in 293 ITR 520, ....