DEPB & Duty Drawback Ineligible Under Section 80-IB, Section 80-IA Issue Remanded: Madras HC

Advertisement Brakes India Limited Vs ACIT (Madras High Court) The appeal arose from the assessment for AY 2002-03, in which the assessee, engaged in the manufacture of automobile parts, claimed deductions under Sections 80-G, 80-HHC and 80-IA of the Income-tax Act. The Assessing Officer completed the assessment under Section 143(3) and, among other adjustments, restricted the deductions claimed under Sections 80-HHC and 80-IA. The appellate authority partly allowed the assessee’s appeal, confirming the disallowance of simultaneous deductions under Sections 80-HHC and 80-IB, while accepti...