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2015 (3) TMI 457 - PUNJAB & HARYANA HIGH COURTEntitlement to the deduction under Section 80IB - surrendered amount though utilized for the business of the appellant - Held that:- Adverting to the judgments relied upon by the counsel for the assessee, it may be noticed that in those cases, either the Tribunal had recorded the finding that the surrendered income was derived from the industrial undertaking or they were based on individual fact situation involved therein. Thus, the assessee cannot derive any benefit from those judgments. Though the income surrendered is assessed by the Assessing Officer as business income, however, its nexus with the industrial undertaking is left to be established. There is nothing on record relied upon by the assessee to show that in the course of survey, any evidence of unaccounted turnover, inflation of expenses etc., was discovered, so as to say that the surrenderfed income was directly linked to the business of the industrial undertaking. There is no positive evidence led by the assessee to establish direct nexus with the industrial undertaking and therefore in our considered opinion, the burden cast on the assessee has not been discharged. The findings recorded by the Tribunal that appellant was not entitled to the deduction under Section 80IB on the surrendered amount though utilized for the business of the appellant have not been shown to be illegal or perverse in any manner. - Decided against the assessee.
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