Itxa/2433/2009 Of The Commissioner Of Income Tax - 20 Mumbai v. Aristo Exports

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2433 OF 2009 The Commissioner of Income Tax ..Appellant. V/s. M/s. Aristo Exports ..Respondent. Ms. Suchitra Kamble for appellant.Mr. Ratan Kumar Samal for respondent. CORAM : DR. D.Y.CHANDRACHUD AND J.P.DEVADHAR, JJ. P.C. :- DATED : 4TH FEBRUARY, 2010 1.The following questions of law arise in the appeal filed by the revenue against the judgment of ITAT dated 7th January, 2009, pertaining to assessment year2003-04 :- " Whether on the facts and circumstances of the case and in law, the ITAT justified in holding that assessee is entitled to deduction u/s.80IB in respect of duty drawback of Rs.51,00,433/- which was not directly 'derived from' the business of assessee's industrial undertaking ?' 2.It is conceded before us by learned counsel appearing on behalf of the assessee that the question is covered against the assessee and in favour of the revenue by the judgment of the Supreme Court in Liberty India V/s. Commissioner of Income Tax[(2009) 317 ITR 218 (SC)]. In the circumstances, the appeal shall stand allowed and the question answered in favour of the revenue in terms of the judgment in Liberty India (supra). The appeal is disposed of accordingly. (J.P.DEVADHAR, J.) (DR. D.Y.CHANDRACHUD, J.)