TMI Blog2019 (5) TMI 288X X X X Extracts X X X X X X X X Extracts X X X X ..... being the case, assessee s claim of deduction under section 10AA of the Act in respect of such income cannot be allowed. Decisions relied upon by AR are rendered in different factual context, hence, not applicable to the facts of the present appeal. Insofar as assessee s claim that the insurance claim cannot be reduced from the block of assets the claim of the assessee in this regard has not been substantiated through proper supporting evidence, therefore,unable to accept the contention of the learned Authorised Representative. That being the case, the grounds raised are dismissed. Alternative claim that if the insurance claim is treated as income from other course, then expenditure relating to such income have to be allowed under s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dispute, the assessee filed its return of income on 27th September 2008, declaring total income of ₹ 9,64,138, after claiming deduction under section 10AA of the Act. In the course of assessment proceedings, the Assessing Officer while verifying assessee s claim of deduction under section 10AA of the Act, noticed that while computing deduction under section 10AA of the Act, the assessee has included certain misc. income, such as, interest income and insurance claim received towards damage of assets in fire. Being of the view that such misc. income cannot be included for the purpose of claiming exemption under section 10AA of the Act, the Assessing Officer excluded them from the profits of the business. Further, the Assessing Officer o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ected to the business activity of the assessee, it should be considered as profit of business. In support of his contention, the learned Authorised Representative relied upon the following decisions: i) CIT v/s Hewlett Packard Global Soft Ltd., [2018] 403 ITR 453 ( Kar .) (FB); and ii) CIT v/s Chambal Fertilizers and Chemicals Ltd., [2018] 95 taxmann .com 314. 6. The learned Departmental Representative relied upon the observations of the Assessing Officer and the learned Commissioner (Appeals). 7. I have considered rival submissions and perused material on record. As could be seen, the assessee has received the amount of ₹ 19,95,900, towards insurance claim for damage of fixed assets in a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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