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2011 (11) TMI 466 - HC - Income TaxDeduction u/s 80IB - disallowance as Service Income, Interest on Bank Deposits, Interest income on loan to employees, Commission received, Compensation received from sundry debtors for delayed payments have no nexus with industrial undertaking - Held That:- In view of Commissioner of Income-Tax Versus Sterling Foods (1999 (4) TMI 1 - SUPREME COURT) wherein held that it was just not sufficient that commercial connection was established between the profits and industrial undertaking. The industrial undertaking has to be the source of the profit and not a means to earn the profit. The industrial undertaking should be the direct source of that profit and not a means to earn the profit. The fact finding authority (Assessing Officer), on a thorough analysis of the entire materials placed on record and discussing the same, threadbare, has arrived at an irresistible conclusion that the training activities carried out by the assessee at its headquarters have no direct nexus with the industrial undertaking as such. While such being the factual finding arrived at by the fact finding authority and confirmed by the CIT(A) and also the ITAT, no material has been placed before us by the assessee to take a contra view - As in the whole process of orders passed by the CIT(A) and the ITAT, no perversity of approach has been found thus re-iterating the well established principle of law that while sitting on appeal under Section 260A this Court cannot set aside the factual findings recorded by the fact finding authorities, particularly in the absence of any adverse approach by them - Deduction rightly dis-allowed - Decided against assessee.
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