2008 (12) TMI 11 - HC - Income Tax

Whether Tribunal erred in law in denying deduction u/s 80IA on duty drawback and profit on sale of REP licences in view of decision of this court in CIT v. Dharampal Prem Chand Limited ITA 1441/2006, question raised above, is answered in favour of the assessee and against the revenue - To that extent the impugned order is set aside. The appeal stands allowed to this extent.

Summary

The Delhi High Court, in a judgment delivered by Justice Badar Durrez Ahmed, considered a question regarding denial of deduction under Section 80IA of the Income Tax Act. The court found the language in Section 80IA and 80IB to be virtually identical and ruled in favor of the assessee, setting aside the impugned order and allowing the appeal. Justice Rajiv Shakdher was also part of the judgment.