TMI Blog2003 (11) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... 80HH of the Act in respect of the amount received from the insurance company for the loss in transit of the raw materials imported by the assessee – Both questions are answered against the assessee. - - - - - Dated:- 5-11-2003 - Judge(s) : R. JAYASIMHA BABU., S. R. SINGHARAVELU. JUDGMENT The judgment of the court was delivered by R. JAYASIMHA BABU J. - The assessment year is 1979-80. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earlier decision of this court also concerning this assessee in the case of CIT v. Pandian Chemicals Ltd. [1998] 233 ITR 497. That decision has since been affirmed in appeal by the Supreme Court in the case of Pandian Chemicals Ltd. v. CIT [2003] 262 ITR 278. The first question is, therefore, required to be, and is, answered against the assessee. As regards the second question, the facts are tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h it had imported had been covered by insurance. The assessee is not engaged in the business of manufacturing or selling raw materials. The source of this receipt not being the industry, it cannot be said that the income was derived from this industrial undertaking. The Supreme Court in the case of Pandian Chemicals Ltd. [2003] 262 ITR 278, held that the interest derived by the industrial undertak ..... X X X X Extracts X X X X X X X X Extracts X X X X
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