2017 (5) TMI 1404

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..... ed counsel for the respondent-revenue 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. 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 law. As a result, the appeal stands disposed of accordingly.
Ajay Kumar Mittal And Ramendra Jain, JJ. Mr. S.K. Mukhi, Advocate with Mr. Jaswinder Singh, Advocate for the appellant-assessee. Mr. Z.S. Klar, Senio .....

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..... uction under Section 80IB of the Income Tax Act? (iv) Whether on the facts and in the circumstances of the case, the Tribunal was justified in recording the erroneous findings in para 4 of its order, against the appellant when the factual position of the present case has been clearly stated by the appellant before the Assessing Officer as well as the Commissioner of Appeals who has rightly accepted that export rebate/refund was nothing but profits of business and allowed deduction admissible in respect thereof as evident from both the orders of lower authorities which had not been correctly seen by the Tribunal? (v) Whether on the facts and in the circumstances of the case, the Tribunal was justified in equating duty drawback decided .....

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..... the instant appeal by the appellant-assessee. 3. We have heard learned counsel for the parties. 4. The issue that arises in this appeal as was urged by learned counsel for the appellant-assessee is whether deduction under Section 80IB of the Act could be declined in respect of excise duty rebate/refund. 5. The Tribunal while adjudicating the appeal of the assessee had noted that the assessee had consented that the issue was covered by the decision against it in Liberty India's Vs. CIT, (2007) 207 CTR 243(P&H). This fact was, however, disputed by the learned counsel for the assessee. It was claimed that Excise Duty paid at the time of purchase of raw material was refunded to the assessee as after the manufacture of the goods, the goods we .....

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