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2012 (12) TMI 24 - ITAT INDOREValidity of reassessment proceedings u/s 263 - deduction u/s 80IB - CIT invoked revisionary jurisdiction u/s 263 on the ground that fire insurance claim cannot be said to be eligible for deduction u/s 80IB - Held that:- Amount so received by the assessee company from the insurance company is in the nature of compensation for loss of stock and such compensation cannot be treated as income of the assessee so as to decline the claim of deduction u/s 80IB and should be taken into account in determining the profit and gains of the assessee company. However, from the assessment order, it is found that there is not even a whisper regarding fire insurance claim and the cost of the raw cotton, therefore, matter is so set aside to the file of the AO. AO is directed to verify the factual figure of loss vis-a-vis the amount of compensation received from the insurance company against loss of stock. If amount of compensation received is more than the amount of actual loss, the excess amount is not eligible for deduction u/s 8IB - Decided in favor of assessee for statistical purposes
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