JUDGMENT :

M.R. SHAH, J.

1. Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the High Court of Judicature for Rajasthan at Jaipur dated 04.02.2016 in D.B. Income Tax Appeal No. 7 of 2014 by which the High Court has allowed the said appeal preferred by the Revenue and has held that the assessee is not entitled to the deduction under Section 80-IB of the Income Tax Act, 1961 (hereinafter referred to as “Act, 1961”) with respect to the receipts under the Duty Drawback Scheme (hereinafter referred to as “Duty Drawback”) and on transfer of Duty Entitlement Pass Book Scheme (hereinafter referred to as “DEPB”), the assessee has preferred the present appeal.

2. The facts leading to the present appeal in nutshell are as under:-

2.1 The assessee, a partnership firm, was engaged in the business of manufacturing and exporting wooden handicraft items. For the Assessment Year (A.Y.) 200809, the assessee filed its return on 30.09.2008 declaring its income as nil, claiming deduction of Rs. 70,197/-on account of DEPB and of Rs. 76,27,636/-on account of receipts under the Duty Drawback.

2.2 The assessee credited the receipts of the aforesaid amounts into the Profit & Loss