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2012 (8) TMI 695 - ITAT MUMBAIDeduction under section 80-IB of the Income-tax Act - Profits and gains from industrial undertakings other than infrastructure development undertakings – Assessee industrial undertaking had received storage charges - Held that:- Source of income with regard to storage charges was not business of assessee, but was failure of buyer to receive delivery of goods in compliance with terms of contract, it could not be treated as profits of undertaking for purpose of section 80-IB Disallowance of expenditure claimed for foreign travelling expenses in respect of one of its director and his wife – Held that:- In absence of any material contradicting claim made by company, merely because she was wife of a director, her travelling abroad could not be treated as pleasure trip and said expenditure on foreign travel was to be treated as business expenditure
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