1982 (8) TMI 1

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....d company. For the assessment year 1971-72, it claimed deduction under section 80-I of the Income-tax Act, 1961, of a sum of Rs. 5,079 being the cash subsidy referable to its exports and of a sum of Rs. 1,562 being the refund of drawback duty on the ground that they are profits and gains attributable to the priority industry. The assessee claimed similar relief under section 80-I of the Income-tax....

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....awback duty were income attributable to the priority industry and hence the deduction has to be allowed as claimed by the assessee under section 80-1 of the Income-tax Act, 1961. The said view of the Appellate Assistant Commissioner was challenged before the Income-tax Appellate Tribunal. The Income-tax Appellate Tribunal referring to its earlier view in ITO v. Shardlow India Limited (ITA No. 3025....

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....me-tax Act, 1961, for the assessment years 1971-72 and 1972-73, respectively ? " The view taken by the Income-tax Appellate Tribunal in ITO v. Shardlow India Limited (ITA No. 3025 of 1972-73, dated May 28, 1975) was the subject-matter of a tax case before this court and this court upheld the said order of the Income-tax Appellate Tribunal in Shardlow India Ltd. v. CIT [1981] 128 ITR 571. The de....