Itxa/1241/2010 Of The Commissioner Of Income Tax -7, Mumbai v. M/S Vigneshwara Exports Ltd. , Mumbai

itxa1241-10 IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1241 OF 2010 The Commissioner of Income Tax-7, Mumbai ..Appellant. V/s. M/s. Vigneshwara Exports Ltd. ..Respondent. Mr. Suresh Kumar for the appellant. Mr. A.K. Jasani for the respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ.DATED : 24TH SEPTEMBER, 2012 P.C. :- 1.read thus:- Two questions of law raised by the revenue in this appeal (i)Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in confirming the findings of the CIT(A) in directing the assessing officer to allow deduction under Section *80IA in respect of DEPB receipts amounting to Rs.2.38 crores on self manufactured goods, duty drawback of Rs.8.53 lacs and sales tax refund of Rs.26,590/-, treating the same as profits and gains derived from industrial undertaking ?Tribunal was justified in law in confirming the findings of the CIT(A) in directing the assessing officer to allow deduction under Section *80IA in respect of DEPB receipts amounting to Rs.2.38 crores on self manufactured goods, duty drawback of Rs.8.53 lacs and sales tax refund of Rs.26,590/-, treating the same as profits and gains derived from industrial undertaking ? (ii)Whether on the facts and in the circumstances of the case, the itxa1241-10 Tribunal was justified in law in holding that DEPB receipts amounting to Rs.1.47 crores on traded goods are entitled to deduction under Section 80IA, treating the same as profits and gains derived from the industrial undertaking ? 2.In view of the judgment of the Apex Court in the case of Liberty India V/s. CIT reported in (2009) 317 ITR 218(SC) the parties state that the decision of the Tribunal be set aside and the appeal be restored to the file of the ITAT for fresh decision in accordance with law. Accordingly, the impugned order of the ITAT dated 12[th] September, 2007 is quashed and set aside and the appeal is restored to the file of ITAT for fresh decision in accordance with law. 3.The appeal is accordingly disposed of with no order as to costs. (M.S. SANKLECHA, J.) (J.P. DEVADHAR, J.)