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2013 (7) TMI 614 - AT - Income TaxDeduction under Section 80IB of the Income Tax Act, 1961 - The assessee firm has five units. Out of five units, two units are existing in exempted zones and three are existing in taxable zones - Assessee has debited the entire interest in the books of taxable units - Partners in the Assessee’s firm have interest free capitals of Rs. 82.12 crores as on 31.3.2009 and the investments in Tax free units is Rs. 63.67 crores - Held that:- Following the principle of consistency in deleting the addition made by the Assessing Officer. No change in facts from the earlier years have been brought on record – As per the decision in the case of DCIT vs. Delhi Press Samachar Patra [2006 (3) TMI 218 - ITAT DELHI-E] , apportionment of expenses between different units without any investigation and collection any material is arbitrary. - No disallowance in this regard has been made in the past and as such even in view of rule of consistency, the disallowance made is not tenable – Decided against the Revenue Interest received on FDR - Unclaimed creditors written back - Insurance claim – Held that:- Interest was received on FDR purchased for bank guarantee and as such the income is derived from industrial undertaking relying upon the decision in the case of Orchid Chemicals & Pharmaceuticals Ltd[2005 (7) TMI 334 - ITAT MADRAS-B]; Sundry creditors were outstanding for business transaction. Hence, it cannot be said that income in this regard was not derived from the industrial undertaking relying upon the decision of C.I.T. vs. Abdul Rehman Industries [2006 (12) TMI 114 - MADRAS High Court] ; If the insurance is claimed in the realm of revenue transaction, it will be allowed as deduction. However, if the same is on capital field, the same cannot be sold out – The issue is remitted to the Assessing Officer – Decided against the Revenue.
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