Supreme Court of India
M/s. Saraf Exports v. Commissioner of Income Tax, Jaipur-iii
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From the headnote
Income Tax Act, 1961 – ss.80-IB and 28 – Deduction u/s 80- IB – Denial of – For AY 2008-09 the respondent-asse ssee (partnership firm) filed its return declaring its income as nil, claiming deduction of Rs. 70,197/- on account of Duty Entitlement Pass ook Scheme (DEPB) and of Rs. 76,27,636/- on account of receipts u nder the Duty Drawback – Respondent claimed the same as “Profit / gains of business/ profession” under ss. 28(iiic) and (iiib ) of the Act of 1961– Deputy commissioner disallowed the deductions – The said order was upheld by Commissioner of Income Tax (Appeals) – ITAT allowed the
Authorities it was built on
- 2012 M/s Acg Associated Capsules Pvt. Ltd. v. The Commissioner of Income Tax, Central-iv, Mumbai
- 1999 Commissioner of Income Tax, Karnataka v. Sterling Foods, Mangalore
- 2016 Commissioner of Income Tax v. M/s. Meghalaya Steels Ltd.
- 2012 M/s Topman Exports v. Commissioner of Income Tax, Mumbai
- 2012 Vikas Kalra v. The Commissioner of Income Tax-viii, New Delhi
- 2009 M/s Liberty India v. Commissioner of Income Tax
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