2013 (8) TMI 1000

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....jeev Jain   O R D E R   Per R.S.Syal (AM) : This appeal by the assessee arises out of the order passed by the Commissioner of Income-tax (Appeals) on 14.03.2011 in relation to the assessment year 2007-2008. 2. The first ground is against the denial of deduction of Rs. 2.24 crore on account of expenses incurred on issue of Foreign Currency Convertible Bonds (FCCBs). Briefly st....

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....is position is abundantly clear from the afore-noted judgment itself wherein it has been categorically mentioned that the restriction on accepting a claim without a revised return is applicable only on the Assessing Officer.   We, therefore, take up this ground for disposal on merits. There is no dispute on the factual matrix on the ground that the assessee issued certain FCCBs and claimed....

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....ts, we are of the considered opinion that the assessee deserves deduction for this amount. This ground is allowed. 4. Ground no.2 is against denial of deduction of Rs. 72,18,172 (wrongly mentioned as Rs. 1,61,51,229 in the ground of appeal) u/s 80-IB on duty drawback / DEPB. The Assessing Officer refused deduction u/s 80-IB on duty drawback / DEPB, which action was echoed in the first appeal. I....

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....tfully following the judgment of the Hon'ble Supreme Court, we uphold the impugned order on this issue.   This ground is not allowed. 5. Additional ground no.11 taken without prejudice to ground no.2 for treating the amount of duty drawback / DEPB as capital receipt and hence not liable to be tax, was not pressed by the learned AR.   The same is, therefore, dismissed. 6. Grou....