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2010 (2) TMI 649 - AT - Income TaxDisallowance - Income escaping assessment - Deduction u/s 80IB - Minimum Alternative Tax u/s 115JB - Onus on the assessee to establish its business purpose in order to claim deduction as business expenditure - The appellant has not been able to give any evidence to suggest that the party to whom commission has been paid, has rendered services The expenditure cannot be allowed only on the basis of the fact that the amount has been paid through cheque or there is an agreement for making any specific payment - Decided against the assessee and the disallowance is confirmed Regarding deduction u/s 80-IB on interest of Bank FDRs amounting to Rs. 2,75,187 - Hon’ble Apex Court in the case of Liberty India v. CIT [2009 -TMI - 34471 - SUPREME COURT] - Accordingly held that the interest on bank FDRs is not derived from the industrial undertaking and therefore, deduction under section 80-IB was not allowable on interest received on FDRs and the ld. CIT(A) was not justified in allowing deduction under section 80-IB on such interest
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