Deduction u/s.80IB not available on Duty drawback and DEPB receipts

M/s. Vishal Tools & Forgings P. Ltd. Vs. The Deputy. Commr. Of Income tax 

(ITAT Amritsar)

I.T.A. No. 256(ASR)/2010.

(Assessment year : 2001- 02)                          

ORDER. 

Per H.L. Karwa, Vice President.

This appeal by the assessee is directed against the order of the CIT(A), Jalandhar dated 23-3-2009, relating to the assessment year 2001-02.

2. Ground No.1 reads as under:-

“That the ld. CIT(A) has erred in upholding the assumption of jurisdiction for re-assessment and also the validity of the assessment order. The submissions made have not been properly appreciated.”

3. At the very outset, Shri Sandeep Vijh, C.A., the learned counsel for the assessee, submitted that this ground of appeal is covered against the assessewe by the decision of this Bench of the Tribunal dated 9-10-2009 passed in assessee’s own case in ITA Nos.155, 156 & 157(ASR)/2009, relating to the assessment years 2002-03, 2003-04 and 2004-05.

4. While deciding a similar issue in ITA Nos.155, 156 & 157(ASR)/2009, this Bench of the Tribunal held as under:-

“6.2. We have carefully perused and considered the current submissions made by the assessee and the submissions made before the CIT(A), including the case laws cited therein and found that the assumption of jurisdiction by the AO is within the parameters of the provisions of section 147 read with section 148 of the Act. Therefore, we do not find any justification to interfere with the findings of the Ld. CIT(A), on the issue in question. Consequently, this ground of appeal of the assessee is dismissed.”