Commissioner Of Income Taxthrough:through v. M/S J.b. Exports Ltd.through:none

$~R64 *IN THE HIGH COURT OF DELHI AT NEW DELHI+ITA 369/2005 COMMISSIONER OF INCOME TAXThrough:Through: ..... AppellantMr. Asheesh Jain, Senior StandingCounsel for Revenue with Mr.Vikrant A. Maheshwari, Advocate. versus M/S J.B. EXPORTS LTD.Through:None. ..... Respondent CORAM:JUSTICE S.MURALIDHARJUSTICE PRATHIBA M. SINGH % O R D E R20.07.2017 1. This appeal by the Revenue is directed against the order dated 6[th]October,2004 passed by the Income Tax Appellate Tribunal (‘ITAT’) in ITA No.577/Del/1997 for the Assessment Year (‘AY’) 1992-93. 2. While admitting the appeal on 13[th]September, 2005, the following twoquestions of law were framed for determination :- a) Whether the ITAT was correct in law inallowing deduction under Section 80 HHC to theassessee on the amount of interest from FDRswithout applying the provisions of Explanation(baa) to Section 80 HHC of the Act?allowing deduction under Section 80 HHC to theassessee on the amount of interest from FDRswithout applying the provisions of Explanation(baa) to Section 80 HHC of the Act? b) Whether the amount of Rs.73,69,376/- being theduty draw back can be regarded as income derivedfrom an industrial undertaking so as to entitle theassessee a deduction under Section 80-I of theIncome Tax Act?” 3. As far as Question (a) above is concerned, the same stands answered infavour of the Assessee and against the Revenue by the decision of this Courtin Commissioner of Income Tax v. Shri Ram Honda Power Equip, (2007)289 ITR 475 (Del). Accordingly, the Question (a) is answered in theaffirmative i.e. in favour of the Assessee and against the Revenue. 4. As far as Question (b) above is concerned, it stands covered in favour ofthe Revenue by the decision of this Court in Commissioner of Income Taxv. Ritesh Industries Ltd. (2005) 274 ITR 324 (Del). This question is,accordingly, answered in negative i.e. in favour of the Revenue and againstthe Assessee. 5. The appeal stands disposed of accordingly. S.MURALIDHAR, J JULY 20, 2017j PRATHIBA M. SINGH, J