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2011 (9) TMI 170 - ITAT, INDORENature of surrendered income - Deduction u/s 80IB - ginning and pressing of cotton - industrial undertaking - Held that:- No evidence was either found during survey or explained by the assessee which could establish that the surrendered income was earned from industrial undertaking. There is a uncontroverted finding in the impugned order that no purchase bills, sale bills, ginning charges bills, pressing charges bills were found during survey operation which remained to be recorded in regular course of business of industrial undertaking, therefore, there is no basis for claiming the surrendered income to be generated from/derived from the industrial undertaking. There is further finding that no entry tax, sales-tax, other taxes were found paid by the assessee on such unrecorded transactions, therefore, the onus is clearly on the assessee to substantiate its claim which has not been discharged. - Deduction u/s 80IB not allowed to assessee.
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