Liberty India v. Commissioner Of Income Tax, (2009) 317 Itr

IN THE HIGH COURT OF JUDICATURE AT BOMBAYO. O. C. J. INCOME TAX APPEAL NO.530 OF 2007 The Commissioner of Income Tax, Central I.... Appellant. Vs.M/s.Win Laboratorties Ltd....Respondent. Mr.Suresh Kumar with Ms.Anamika Malhotra for the Appellant.Mr.A.K.Jasani for the Respondent. CORAM : DR. D.Y.CHANDRACHUD & 18[th] January, 2010. P.C.: The appeal was admitted on the following substantial question of law : “ Whether, on the facts and circumstances of the case and in law the Hon’ble Tribunal erred in holding that an amount of Rs.30,01,989/- representing duty drawback was income derived from assessee’s industrial undertaking and was therefore, eligible for deductions u/s.80-HH and 80-I of the Income Tax Act.” The issue which arises in the appeal is covered against the assessee by the judgment of the of the Supreme Court in Liberty India vs. Commissioner of Income Tax, (2009) 317 ITR 218 (SC). Both the Counsel appearing on behalf of the Revenue and Counsel appearing on behalf of the Assessee accept this position. In the circumstances, the appeal shall stand disposed of. There shall be no order as to costs. ( Dr.D.Y.Chandrachud, J.) ( J.P.Devadhar, J.)