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2013 (11) TMI 206 - ITAT MUMBAIDeduction u/s 80-IB(4) on account of insurance claim received on loss of stock – Compensation received for not supplying raw material – The insurance claim of Rs.90.91 lakh accepted by the insurance company comprised of the loss of stock-in-trade to the tune of Rs.85.07 lakh and the remaining amount towards plant and machinery - Held that:- The assessee adjusted rs. 80 lakhs in the previous year – Out of Rs. 10.91 lakhs from the remaining loss a sum of Rs.5.84 lakh was towards Plant and machinery – Following M/s.J.K.Aluminium Co. v. ITO [2011 (4) TMI 90 - ITAT NEW DELHI] - Deduction u/s 80-IB(4) allowed for Rs.5.07 lakh representing insurance claim in respect of loss of raw material - Decided in favour of the assessee. Compensation received for not supplying raw material – the compensation amount of Rs.3 lakh received by it from Crescent Chemsole Pvt. Ltd - Held that:- The assessee had to purchase raw materials from the market at higher price - The assessee has to show that there is a direct nexus of such income with the industrial undertaking – Partly allowed in favour of the assessee.
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