M/S. Prayas Writing Instruments v. Dy. Commissioner Of Income Tax-24(3

ASN IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1415 OF 2011 M/s. Prayas Writing Instruments. ...Appellant. v. Dy. Commissioner of Income Tax-24(3)....Respondent. Mr. K.Gopal with Mr. Jitendra Singh for the Appellant.None for the Respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATE : 08TH FEBRUARY, 2013. PC: In this appeal following questions of law have been raised for our consideration. a) Whether the Tribunal is correct in law in holding that the receipts on account of duty draw back Rs.11,45,2028/- are not eligible profit for the purposes of Section 80IB of the Income Tax Act, 1961? b) Whether the Tribunal is correct in law in denying the claim of deduction u/s. 80IB of the Act on duty draw backs which reduce the input costs and increase the profitability of the undertaking? 2)Counsel for the appellant fairly states that the questions raised in this appeal are covered against the assessee by the decision of the Supreme Court in the case of Liberty India v. Commissioner of Income Tax reported in (2009) 317 ITR 218 (S.C.). Further, in another appeal filed by the same respondent assessee being Income Tax Appeal No.487 of 2011 this Court refused to entertain the proposed questions of law. Therefore, we do not entertain question (a)and (b) as proposed. 3)Accordingly, the appeal is dismissed with costs. (M.S.SANKLECHA, J.) (J.P. DEVADHAR, J.)