Dismissing the appeal of the revenue the revenue the Court held that   as the  project was not in operation during said year and it lodged a claim for refund of excise duty with Director General of Foreign Trade as deemed export benefits, since amount of excise duty related to cost of acquisition of capital assets/project, refund of excise duty would ultimately reduce cost of project and could not  be treated as business income.  (AY. 2011-12)