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Income Tax Appellate Tribunal, “C” BENCH, MUMBAI
Before: SHRI D. KARUNAKARA RAO & SHRI AMARJIT SINGH
PER D. KARUNAKARA RAO, AM: This appeal filed by the assessee on 24.12.2013 is against the order of the CIT (A)-13, Mumbai dated 28.11.2013 for the assessment year 2005-2006. 2. The only issues raised in this appeal relates to the allowability of deduction u/s 80IB of the Act in respect of duty drawback receipts amounting to Rs. 18,83,594/-. AO and the CIT (A) denied the benefit of deduction on such receipts received on account of duty drawback scheme. For this proposition, the AO and the CIT (A) relied on the judgment of the Hon’ble Supreme Court in the case of M/s. Liberty India vs. CIT [317 ITR 218] (SC) and many other precedents in their support. Aggrieved with the above, assessee is in appeal before the Tribunal.
During the proceedings before us, at the outset, Ld Counsel for the assessee submitted that in view of the above cited Apex Court judgment in the case of Liberty India (supra), the appeal filed by the assessee is not pressed. Accordingly, after hearing Ld Representatives of both the parties, we dismiss the appeal of the assessee as not pressed. Accordingly, the solitary ground raised by the assessee is dismissed as not pressed.
In the result, appeal of the assessee is dismissed. Order pronounced in the open court on 9th December, 2015. (AMARJIT SINGH) ACCOUNTANT MEMBER भुंफई Mumbai; ददनांक 9/12/2015 व.नन.स./ OKK , Sr. PS आदेश की प्रतिलऱपि अग्रेपिि/Copy of the Order forwarded to : अऩीराथी / The Appellant 1. 2. प्रत्मथी / The Respondent. आमकय आमुक्त(अऩीर) / The CIT(A)- 3. आमकय आमुक्त / CIT 4. ववबागीम प्रनतननधध, आमकय अऩीरीम अधधकयण, भुंफई / DR,
ITAT, Mumbai गार्ड पाईर / Guard file. 6. सत्मावऩत प्रनत ////
आदेशानुसार/ BY ORDER, उि/सहायक िंजीकार (Dy./Asstt.