ITA No. 618 of 2007 -1- IN THE PUNJAB AND HARYANA HIGH COURT AT CHANDIGARH ITA No. 618 of 2007 Date of Decision: 1.12.2011 Commissioner of Income Tax-I, Ludhiana ...Petitioner Versus Mack Hosiery (Regd.) ..Respondent CORAM: Hon'ble Mr. Justice Hemant Gupta Hon'ble Mr. Justice G.S. Sandhawalia Present: Mr. Rajesh Katoch, Advocate for the appellant. Mr. Pankaj Jain, Advocate for the respondent. Hemant Gupta, J. The revenue has claimed the following substantial question of law: “Whether on the facts and law, the Hon'ble Income tax Appellate Tribunal was justified in holding that duty drawback of Rs.15,04,103/- was `profit derived from industrial undertaking' entitled to deduction u/s 80IB of I.T.Act, 1961? The said question of law is said to have arisen out of the order passed by the Income Tax Appellate Tribunal vide its order dated 30.6.2006 in ITA No.162/Chandi/2005 for the assessment year 2001-02. Learned counsel for the parties admit that the question raised is concluded by the judgment of Hon'ble the Supreme Court in Liberty India Vs. Commissioner of Income Tax (2009) 317 ITR 218(SC) in favour of the revenue and against the assessee. ITA No. 618 of 2007 -2- In view of the above, the appeal is allowed. Substantial question of law is decided in favour of the revenue and against the assessee. ( Hemant Gupta ) Judge (G.S. Sandhawalia) 1.12.2011 Judge Meenu