2017 (5) TMI 1404

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....bunal") in ITA No.231/CHD/2008 (Departmental Appeal), for the assessment year 2004-05, claiming following substantial questions of law:- "(i) Whether on the facts and in the circumstances of the case, the Tribunal was justified in disallowing the claim for deduction under Section 80IB in respect of export rebate/refund of Rs.  1,09,26,642/- which is nothing but integral and inseparable part of business profits derived from exports of manufactured goods and assessed to Income Tax as part of business profits under Section 28 in the hands of the appellant? (ii) Whether on the facts and in the circumstances of the case, the Tribunal was justified in rejecting the correct claim of the appellant and the correct decision of the Commissio....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s derived from the Industrial Undertaking by including the export rebate/refund therein ought not to have been allowed in full, as claimed by the appellant. 2. A few facts relevant for the decision of the controversy involved as narrated in the appeal may be noticed. The appellant-assessee filed its return of income for the assessment year 2004-05 showing a total income of Rs.  6,12,61,027/- from which deductions of Rs.  1000/- under Section 80G, Rs.  1,22,76,375/- under Section 80IB and Rs.  72,61,014/- under Section 80HHC of the Act were claimed. The Assessing Officer allowed only Rs.  53,40,434/- as deduction under Section 80HHC of the Act and the remaining amount was disallowed by him. Out of deduction under S....