The Commissioner Of Income Tax – 8 v. M/S.prince Plastics International Private Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.621 OF 2010 The Commissioner of Income Tax – 8..Appellant. Versus M/s.Prince Plastics International Private Limited..Respondent. Mr.Suresh Kumar for the appellant.Mr.Atul K. Jasani for the respondent. CORAM : J.P. Devadhar & R.M. Savant, JJ. P.C. : DATE : 14[th] December, 2010. 1.Heard. Admit on the following substantial question of law. “Whether, on the facts and circumstances of the case the Tribunal was correct in law in holding that the assessee is eligible for deduction u/s. 80 IB on the receipt on account of License Premium under the DEPB and DFRC scheme despite the fact that the above receipt are a profit from sale of import entitlements and not derived from industrial undertakings. 2.Counsel for both the parties state that the question of law sought to be raised in this appeal is answered in favour of the Revenue in the case of Liberty India V/s. Commissioner of Income Tax reported in 317 ITR 218. For the reasons stated therein, the appeal is allowed with no order as to costs.