2010 (12) TMI 360 - HC - Income Tax

DEPB - The DEPB was an income derived from the Industrial undertaking - The assessee fairly states that the issue is covered against the assessee by judgment of the Hon ble Supreme Court in Liberty India v. CIT 2009 -TMI - 34471 - SUPREME COURT - Accordingly the question is answered in favour of the revenue and against the assessee.

Summary

The Punjab and Haryana High Court allowed the appeal in a case concerning DEPB income, citing a judgment in favor of the revenue based on the source of the export incentive. The question of law raised was answered in favor of the revenue. The appeal was admitted to consider the substantial question of law raised regarding DEPB income. The issue was found to be covered against the assessee by a judgment of the Supreme Court.