1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL NO.892 OF 2008 Hertz Chemicals Ltd. ... Appellant. Vs. Income Tax Officer, Wd-8(2)(1). ...Respondent. ... Mr.Sameer G. Dalal for the Appellant. Mr.Suresh Kumar for the Respondent. CORAM : DR. D.Y.CHANDRACHUD & J.P. DEVADHAR, JJ. 18th January, 2010. P.C.: The appeal was admitted on the following substantial question of law : “ Whether in the facts and the circumstances of the case, and in law, the Tribunal was right in holding that the income arising out of DEPB licence is not eligible for the benefit of deduction under Section 80IB of the Act?” The question is covered against the assessee by the judgment of the Supreme Court in Liberty India vs. CIT, (2009) 317 ITR 218 (SC). Both the Learned Counsel appearing on behalf of the Appellant and Counsel appearing on behalf of the Revenue accept this position. In the circumstances, the question shall stand 2 answered in terms of the law laid down by the Supreme Court in the aforesaid judgment and the appeal shall stand dismissed. There shall be no order as to costs. ( Dr.D.Y.Chandrachud, J.) ( J.P.Devadhar, J.)