payment of such drawback, there shall be paid
to that claimant in addition to the amount of
drawback, interest at the rate fixed under section ... drawback and they passed orders on 30.4.2021 and 07.5.2021 and
made payment of 50% of the drawback without interest
DEPB entitlement 1,29,65,569/-
Duty drawback 16,96,546/-
Excise duty refund 7,51,133/-
Interest from employees 53,227/-
Interest from customers ... Grounds of Appeal exclusion
of 90% of the DEPB Entitlement, Duty Drawback, Interest from
employees, Interest from customers, Interest on margin money
deposit and Interest
action of AO in
excluding 90% of the insurance claim, gross interest, duty drawback and
export incentives from the profits of the business ... 80HHC of the Act.
4. Alternatively and without prejudice, if the interest income is required to be
excluded from the profit of the business, then
under duty credit
scrips shall be adjusted as Cenvat credit or duty drawback. Thus
http://www.judis ... provisions with regard
to assessment, non levy, short levy, refunds, exemptions, interest,
appeals, offences and penalties shall apply to the levy and collection
interest was retained. The Court held that
once interest becomes due, it takes the same colour as excess
amounts of tax and they awarded interest ... with interest, it was found that there is no specific
provision regarding payment of interest in the event of delayed
refund of a drawback wrongly
that "other income" of the nature of Duty Drawback,
Miscellaneous Receipts, interest, sales tax set off sale of
scrap is eligible profit
receipts in the
nature of duty drawback (export incentive), foreign exchange fluctuation, sale
of import licence and interest on income-tax refund are not part ... correct or not.
32. With regard to the 'duty drawback', the learned counsel for the assessee
has submitted that duty drawback is nothing
Interest received
interest Rs.12421/- on loans to
employees
2. Bangalore Unit Due to scrap sales
Misc. Rs.2319480/- Interest received
Interest Rs.25681 ... Interest received
interest Rs.23310/- on loans to
employees
Misc. Out of this 322343
is due to duty
drawback and rest
Rs.375843
levied. The appellant has also
contended that interest earned on banks and interest paid
3 ITA-5686/Del/2012
to the other had a direct ... 80IB . The
income was received under the duty drawback, DEPB, and
interest on FDRs. The assessee claimed deduction, since
the receipts were part
industrial
undertaking of the assessee. Such incomes were duty drawback, freight
outwards, interest on fixed deposit and export incentives totaling
