Commissioner Of Income Tax-I, Ludhiana v. Mack Hosiery (Regd

IN THE PUNJAB AND HARYANA HIGH COURT AT CHANDIGARH ITA No. 618 of 2007Date of Decision: 1.12.2011 Commissioner of Income Tax-I, Ludhiana Versus ...Petitioner Mack Hosiery (Regd.) ..Respondent CORAM: Hon'ble Mr. Justice Hemant Gupta Hon'ble Mr. Justice G.S. Sandhawalia Present:Mr. Rajesh Katoch, Advocate for the appellant.Mr. Pankaj Jain, Advocate for the respondent. Hemant Gupta, J. The revenue has claimed the following substantial question oflaw: “Whether on the facts and law, the Hon'ble Income taxAppellate Tribunal was justified in holding that duty drawbackof Rs.15,04,103/- was `profit derived from industrialundertaking' entitled to deduction u/s 80IB of I.T.Act, 1961? The said question of law is said to have arisen out of the orderpassed by the Income Tax Appellate Tribunal vide its order dated 30.6.2006in ITA No.162/Chandi/2005 for the assessment year 2001-02. Learned counsel for the parties admit that the question raised isconcluded by the judgment of Hon'ble the Supreme Court in Liberty India Vs. Commissioner of Income Tax (2009) 317 ITR 218(SC) in favour ofthe revenue and against the assessee. In view of the above, the appeal is allowed. Substantialquestion of law is decided in favour of the revenue and against the assessee. ( Hemant Gupta )Judge 1.12.2011Meenu (G.S. Sandhawalia)Judge