In fact, this very question relating to DEPB credit for the purpose of deduction under Section B0-IA came up for consideration before the Supreme Court in Libefi fndia v. Commissioner of fncome Tax- 3L7 ITR 2LB which has been decided in favour of Revenue

U
34&35 o/o t8.l-L.2OOg
Present: Ms. P.L. Bansal, Adv. for the Appellant.
Dr. Rakesh Gupta and Ms. Poonam Ahuja, Advs. for the
Respondent.
+ ITA No. L712009
ITA No. L812009
(Common Order)
* Admit.
Following question of law arises for determination in both these appeals. t. Whether ITAT was correct in law in directing the
Assessing Officer to allow deduction u/s B0-IA of the Act on verifying and finding that DEPB credit had arose from the export of goods manufactured by it?
In fact, this very question relating to DEPB credit for the purpose of deduction under Section B0-IA came up for consideration before the Supreme Court in Libefi fndia vs.
Commissioner of fncome Tax- 3L7 ITR 2LB which has been decided in favour of Revenue and against the assessee.
Counsel for the Respondent concedes to this legal
J position. rTA 1.7/2009 & 18/2009 Page 1 of2
2009:DHC:9449-DB
(
Accordingly we answer the question in favour of the
Revenue and against the assessee and allow these appeals.
I
#M
SIDDHARTH MRIDUL, J.
NOVEMBER 1.8, 2OO9 vnl<t
/
? rTA 77/2009 & LB/2009 Page 2 of2
2009:DHC:9449-DB