J.K. Ranka, J. - (1.) The instant appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act of 1961) is directed against the order dated 17.12.2013 passed by Income Tax Appellate Tribunal, Jaipur (in short ITAT) and is relevant for the assessment year 2008-09.
(2.) The revenue has questioned the order of the Tribunal by using following substantial question of law on which the appeal was admitted in this Court on 21.3.2014:- Whether on the facts and circumstances of the case, the ITAT was right in law in appreciating the judgment of the Apex Court reported in 2009(317) ITR 218 (SC) regarding the receipts under the (DEPB) and Duty Drawback scheme entitled for deduction u/s 80-IB of the Act of 1961.
(3.) The brief facts noticed are that respondent assessee is engaged in the business of manufacturing of wooden handicraft items and has shown income by way of export sales. On scrutiny of the assessment and on perusal of the books of accounts and other material it was revealed to the Assessing Officer that the assessee has credited following amounts in the P &L A/c : JUDGEMENT_112_LAWS(RAJ)2_2016.html;