2016 (10) TMI 248

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....R THE OPPONENT JUDGMENT ( PER : HONOURABLE MR.JUSTICE KS JHAVERI ) Tax Appeal No.1407 of 2009 challenges the order dated 18/02/2009 passed by the ITAT in ITA No.2463/Ahd/2008 and Tax Appeal No.1408 of 2009 challenges the order dated 18/02/2009 passed by the ITAT in ITA No.2673/Ahd/2008, whereby the Tribunal has confirmed the order passed by the CIT (A) and reversed the findings of AO. ....

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....s. 3. While admitting this appeals, following question was posed for our consideration: "Whether the Tribunal below has committed substantial error of law in holding that export incentives would come within the purview of profit derived from the export of articles or things of a 100% Export Oriented Undertaking within the meaning of Section 10B of the Act;" 4. Learned Counsel for th....

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....sion of the High Court of Calcutta in the case of CIT v. Chloride India Ltd 256 ITR 625 and accordingly I am of the opinion that export incentives do not form a part of total turnover for the purpose of computing deduction u/s. 10B since even as per section 10B, export turnover do not include export incentives and in any formula if any item is excluded from the numerator then the same has also to ....

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....from industrial undertaking and keeping this distinction in mind, it has to be held that entire profits derived from the business of undertaking should be taken into consideration, while computing the eligible deduction u/s. 10AB of the Act, by applying the mandatory formula. The Tribunal also held that income from sale of import licences for the purpose of computing deduction under Section 10A/10....