Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2009 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (10) TMI 10 - HC - Income TaxScope of term “derived from industrial undertaking” – freight subsidy – held that - one needs to read Sections 80I, 80-IA and 80-IB as having a common Scheme - profits are to be computed as if such eligible business is the only source of income of the assessee - apart from eligibility, sub-section (1) purports to restrict the quantum of deduction to a specified percentage of profits. This is the importance of the words “derived from industrial undertaking” as against “profits attributable to industrial undertaking” - the transport subsidy received by the assessee is not a profit derived from business since it is not an operational profit. The source of the subsidy is not the business of the assessee but scheme of the Central Government - decided in favour of the revenue and against the assessee
|