2018 (6) TMI 51

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....(in short "the Act"). 2. In this appeal, although the assessee has raised multiple grounds of appeal but the solitary dispute is with regard to the denial of claim of deduction under section 10B of the Act with regard to the following components of income :  Sub-head of income Amount (Rs.) Duty drawback 9,65,956 Exchange rate fluctuation 33,25,011 Sales tax refund 5,85,340 Other income 2,77,382   51,53,689   3. Briefly put, the relevant facts are that the appellant is a proprietor of a concern, M/s. Raj Chemicals which is engaged in the manufacture and export of basic drugs, fine chemicals, intermediaries, etc. In the return of income, the assessee, inter alia, claimed deduction under section 10B of the Act wit....

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....ection 10B of the Act. To the similar effect is the judgment of the hon'ble Delhi High Court in the case of Riviera Home Furnishing v. Addl. CIT I. T. A. No. 459 of 2015 dated November 19, 2015- [2017] 9 ITR-OL 401 (Delhi). In this context, reliance has also been placed on the decision of the Mumbai Bench of the Tribunal in the case of Krupa Trading Company v. Addl. CIT [2017] 77 taxmann.com 177 (Mumbai-Trib.). 5. On the other hand, the learned Departmental representative appearing for the Revenue has reiterated the stand of the lower authorities, which we have already noted in the earlier paragraphs and is not being repeated for the sake of brevity. 6. We have carefully considered the rival submissions. Pertinently, in so far as the ....