2010 (9) TMI 1254

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... This appeal by the Revenue arises out of the order passed by the Commissioner of Income-tax (Appeals) on 17.03.2009 in relation to the assessment year 2006-2007. 2. Ground nos.1 and 2 are against the granting of deduction u/s.80-IB. At the very outset the learned Counsel for the assessee contended that similar disallowance was made by the Assessing Officer in earlier year as .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... EPB. 4. Having heard both the sides on this issue and perused the relevant material on record, we find that this issue is no more res integra in view of the judgement of the Hon ble Supreme Court in Liberty India Vs. CIT [(2009) 317 ITR 218 (SC)] holding that no deduction can be made u/s.80-IB in respect of DEPB entitlements. This ground is allowed. 5. Ground no.4 is against th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... holding that the provisions of section 14A are applicable in such circumstances and the disallowance has to be worked out by the AO on some reasonable basis and not rule 8D. Under such circumstances, we set aside the impugned order and restore the matter to the file of the AO for deciding the quantum of disallowance as per the aforenoted judgment, after allowing a reasonable opportunity of being h .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X