TaxTMI 
TaxTMI 
2008 (8) TMI 339
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.... in respect of both the assessment years, except the figures. Therefore, the facts as culled from one of the memorandum of appeals, i.e., T. C. No. 1066 of 2008 are stated as follows: The assessee is engaged in the business of manufacture and export of shoe uppers. For the assessment year 2002-03, the assessee filed its return of income on September 30, 2002, admitting an income of Rs. 2,40,000. Subsequently, the appellant filed a revised return on November 15, 2002, declaring the same income. The return was processed under section 143(1) and refund of Rs. 4,83,971 was issued on June 25, 2004. Subsequently, notice under section 148 was issued and assessment under section 143(3) read with section 147 was completed on March 23, 2006, determi....
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....drawback was 'derived from' the industrial undertaking and, therefore, would be eligible for deduction under section 80J. Learned counsel for the appellant also pointed out that in the case of duty drawback, the same was given specifically to reduce the cost of manufacturing the goods. The very scheme of duty drawback is framed and embodied in the statutory provisions in order to relieve the goods to be exported of the burden of customs duties and excise duties. Referring to the decision of the Gujarat High Court that the duty drawback is 'derived from' industrial undertaking and eligible for deduction, learned counsel seeks to draw support of the said decision to contend that the order of the Tribunal holding that the same was not 'derived....
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....eduction under section 80HH; that mere commercial connection between the income and the industrial undertaking would not be sufficient. This court held that profits and gains derived from industrial undertaking denotes that the immediate and effective source of income eligible for the grant of relief under section 80HH must be the industrial undertaking itself and not any other source. The said decision was affirmed by the apex court in the decision reported in Pandian Chemicals Ltd. v. CIT [2003] 262 ITR 278, wherein the Supreme Court held that the rules of interpretation would come into play only if there is any doubt with regard to the express language used. Where the words are unequivocal, there is no scope for importing the rule of lib....