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SC: Can’t Claim Deduction U/S 80IB IT Act on Amount Received from DEPB and Duty Drawback Claims - (13 Apr 2023)

DIRECT TAXATION

Supreme Court has held that profit from Duty Entitlement Pass Book Scheme (DEPB) and the Duty Drawback claims cannot be said to be an income “derived from” the industrial undertaking, and therefore assessee is not entitled to deduction for such amount under Section 80- IB of Income Tax Act, 1961.

Tags : SUPREME COURT   DUTY ENTITLEMENT PASS BOOK SCHEME   DUTY DRAWBACK   DEDUCTION  

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