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2014 (5) TMI 469 - AT - Income TaxConfirmation u/s 80IB of the Act – amount received as Insurance Claim - Derived from manufacturing activity or not - Held that:- Following CIT Vs. Shree Rama Multi Tech Limited [2013 (8) TMI 381 - GUJARAT HIGH COURT] - duty drawback was held to be profits/gains derived from an industrial undertaking and hence eligible for deductions u/s 80- IB - the assessee is entitled for claim of 80IB deduction only in respect of amount of Insurance Claim in respect of raw material, work in progress and finish goods - the assessee is not entitled for the claim of deduction u/s 80IB in respect of loss of machinery because it was rightly held by the Revenue Department that the same was a capital loss which was recouped by the Insurance Company - the receipts were capital in nature – the re-computation of deduction u/s 80IB is directed – Decided partly in favour of Assessee.
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