Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (11) TMI 631 - MADRAS HIGH COURTDeduction U/S 80IA - Insurance money received on loss of production - held that:- in the absence of any nexus shown between the compensation received and the business activities of the industrial undertaking, the compensation could not be held as derived from the undertaking for the purpose of inclusion under Section 80-IA of the Act. Assessee is unable to produce the details regarding the fire accident and the policy before this Court to substantiate its contention, and there being no material to substantiate the contention of the assessee linking the loss to the fire accident, there is no justifiable ground to accept the order of the Tribunal which is not based on factual findings - Order of Tribunal is set aside in allowing deduction - In the result, the above Tax Case (Appeal) is allowed in favour of Revenue.
|