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2004 (11) TMI 58 - HC - Income TaxDeduction under sections 80HH and 80-IA - 'Whether Tribunal was justified in holding that the liquidated damages received by the assessee on account of breach of contract are nothing but a part of profit received from the industrial undertaking on which the assessee is entitled for deduction under sections 80HH and 80-IA? – Assessee’s submission that the amount received by the assessee is nothing but profitable price of the goods and having direct nexus with the business activity of the assessee, is not acceptable - Held that the words "derived from" have got to be given restricted meaning and hence, we cannot include such type of earning (even assuming it to be genuine) within the meaning of the expression profits/gains derived from industrial undertaking – Appeal of revenue succeeds - The impugned order of the Tribunal is hereby set aside.
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