1 itxal1327-07 agk IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.1327 OF 2007 The Commissioner of Income Tax, City - 7, Mumbai ..Appellant. Versus M/s.Navneet Publications (I) Limited ..Respondent. Ms.Padma Divakar for the appellant. Mr.Rahul Hakant i/by Mr.A.R. Singh & Mr.Paras Savla for the respondent. CORAM : J.P. Devadhar & Smt.R.S. Dalvi, JJ. DATE : 28th March, 2011. P.C. : 1. Heard. Objections waived. Admit on the following substantial question of law. "Whether on the facts and circumstances of the case and in law, the Tribunal was justified in coming to the conclusion that duty draw back and excise duty refund to be eligible as profit derived from the industrial undertaking for the purpose of computing deduction u/s.80-IA of the Act. In the light of the ratio of the Hon'ble Supreme Court decision int he case of C.I.T. V/s. Sterling Foods Limited reported in 237 ITR 597 ?" 2. Counsel for the parties state that the aforesaid question is already answered in favour of the Revenue and against the assessee by the decision of the Apex Court in the case of Liberty India V/s. Commissioner of 2 itxal1327-07 Income Tax reported in 317 ITR 218. Accordingly, the appeal is allowed by answering the question in negative i.e. in favour of the Revenue and against the assessee. 3. The appeal is accordingly disposed off. No costs. (Smt.R.S. Dalvi, J.) (J.P. Devadhar, J.)