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TMI Blog2008 (9) TMI 872X X X X Extracts X X X X X X X X Extracts X X X X ..... 04, proposing the following substantial questions of law: "1. Whether the duty drawback received by the appellant is derived from an industrial undertaking as per the genesis of the word ` derived' in its true sense and spirits? 2. Whether the duty drawback received is an amount derived eligible for claim as per section 28(iiic) though the Customs and Central Excise Duties Drawback Rules, 1971 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , for the assessment year 2003-04, the Assessing Officer excluded the claim of Rs. 1,41,02,387 from business profits while working out deductions under section 80-IB of the Act. The said amount was received by the assessee as duty drawback. It was held that the said amount could not be treated as profits derived from industrial undertaking. The Commissioner of Income-tax (Appeals) affirmed the vie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . India Gelatine and Chemicals Ltd. [2005] 275 ITR 284. Since a Division Bench this court has already decided the issue against the assessee on the basis of the judgment of the hon'ble Supreme Court in Sterling Foods quote case [1999] 237 ITR 579, we are unable to hold that substantial questions of law sought to be raised arise for consideration. The appeal is dismissed. - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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