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TMI Blog2017 (5) TMI 1404X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal") in ITA No.231/CHD/2008 (Departmental Appeal), for the assessment year 2004-05, claiming following substantial questions of law:- "(i) Whether on the facts and in the circumstances of the case, the Tribunal was justified in disallowing the claim for deduction under Section 80IB in respect of export rebate/refund of Rs. 1,09,26,642/- which is nothing but integral and inseparable part of business profits derived from exports of manufactured goods and assessed to Income Tax as part of business profits under Section 28 in the hands of the appellant? (ii) Whether on the facts and in the circumstances of the case, the Tribunal was justified in rejecting the correct claim of the appellant and the correct decision of the Commissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts derived from the Industrial Undertaking by including the export rebate/refund therein ought not to have been allowed in full, as claimed by the appellant. 2. A few facts relevant for the decision of the controversy involved as narrated in the appeal may be noticed. The appellant-assessee filed its return of income for the assessment year 2004-05 showing a total income of Rs. 6,12,61,027/- from which deductions of Rs. 1000/- under Section 80G, Rs. 1,22,76,375/- under Section 80IB and Rs. 72,61,014/- under Section 80HHC of the Act were claimed. The Assessing Officer allowed only Rs. 53,40,434/- as deduction under Section 80HHC of the Act and the remaining amount was disallowed by him. Out of deduction under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act could not be declined on Excise Duty refund and thus, the matter requires to be re-adjudicated. It was prayed by learned counsel for the appellant which could not be effectively controverted by the learned counsel for the respondentrevenue that in such circumstances, the matter be remanded to the Assessing Officer who shall examine the factual matrix and keeping in view the legal position in this aspect decide afresh in accordance with law. 6. As a result of the above, it is held that the matter with regard to relief under Section 80IB of the Act requires to be re-adjudicated. Consequently, the matter is remanded to the Assessing Officer to decide it afresh, after hearing the parties by passing a speaking order in accordance with l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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