2017 (8) TMI 1238

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... On the facts and in the circumstances of the case and in law, the Ld.CIT(A) has erred in allowing the claim of receipt of duty drawback of Rs. 58,99,364/- u/s 10B of the IT Act, 1961, to the assessee company." 3. The return of income declaring total income at Rs. 1,79,850/- was filed by the assessee company on 8/10/2010. The return was processed u/s 143(1). The case was selected for scrutiny under CASS. Accordingly, first notice u/s 143(2) dated 24/8/2011 was issued and duly served upon the assessee on 26/8/2011. In response to subsequent statutory notices the authorized representative of the assessee attended from time to time & filed necessary details. The company was incorporated on 28/6/2001 with Registrar of Company (NCT) Delhi & H....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....med by the Hon'ble Delhi High Court in ITA No. 219 of 2014 vide order dated 13/11/2014. Thus, the matter is covered as the issue therein is also related to Section 10B Sub Section 1 of the Income Tax Act. 7. The Ld. DR did not distinguish the same. 8. We have heard both the parties and perused the order in assessee's own case passed by this Tribunal as well as order passed by the Hon'ble Delhi High Court. The issue is very much covered by these orders. The extract of the Tribunal order is as follows:- 5. We have heard the rival submissions of both the parties and have gone through the material available on record. We find that the only issue in dispute is regarding eligibility of duty draw back for the computation of deduction u/s 10B o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of the undertaking. Thus, once an income forms part of the business of the eligible undertaking, there is no further mandate in the provisions of section 10B to exclude the same from the eligible profits. The mode of determining the eligible deduction u/s 10B is similar to the provisions of section 80HHC inasmuch as both the sections mandates determination of eligible profits as per the formula contained therein. The only difference is that section 80HHC contains a further mandate in terms of Explanation (baa) for exclusion of certain income from the "profits of the business" which is, however, conspicuous by its absence in section 10B. On the basis of the aforesaid distinction, sub-section (4) of section 10A/10B of the Act is a complete c....