Deduction u/s. 80-IA is not allowable on duty drawback amount- SC

Supreme Court has reversed the High Court Judgment and held that Deduction u/s. 80-IA is not allowable on duty drawback amount.  The issue involved is squarely covered by the decision of this Court in Liberty India v. CIT [2009] 317 ITR 218. Accordingly, the civil appeals filed by the department stand allowed with no order as to costs. SUPREME COURT OF INDIA Commissioner of Income-tax-III, Rajkot v. Orchev Pharma (P.) Ltd. S.L.P. (C) No. 9261 of 2009 Civil Appeal Nos. 5995 & 5996 of 2012 August 23, 2012 ORDER 1. Heard learned counsel on both sides. 2. Delay condoned. 3. ...