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2016 (6) TMI 962 - GUJARAT HIGH COURT

2016 (6) TMI 962 - GUJARAT HIGH COURT - TMI - Deduction u/s. 80-HH and 80I - whether Tribunal erred in holding that insurance claim received by the appellant-assessee is not income derived from the industrial undertaking of the appellant and consequently, the appellant cannot claim deduction under section 80-HH and 80-I ? - Held that:- So far as the issue under consideration is concerned, it is squarely covered by the decision of Munjal Showa Ltd. vs. Deputy Commissioner of Income-tax [2003 (6) .....

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- Dated:- 15-6-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE APPELLANT : MRS SWATI SOPARKAR, ADVOCATE FOR THE OPPONENT : MR KM PARIKH, SENIOR STANDING COUNSEL ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) By way of this appeal under section 260A of the Income-tax Act, 1961, the appellant has challenged the order of the Income-tax Appellate Tribunal (hereinafter referred to as the Tribunal ) dated 7.4.2006 whereby the Tribunal has decided the appeal partly against the appellant- .....

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The Assessing Officer, after considering the claims of the assessee, has made certain additions/disallowances and determined the total income of the assessee at ₹ 2,40,54,585/-. Being aggrieved by the order of the Assessing Officer, the assessee preferred appeal before the Commissioner of Income-tax (Appeals). The Commissioner of Income-tax (Appeals) after hearing both the appellant and the revenue, partly allowed the appeal preferred by the appellant-assessee by order dated 3.8.1998. Agai .....

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-tax Act on the said income. Therefore, the decision of the Tribunal is bad in law. 5. Learned counsel for the respondent-revenue has contended that the Tribunal was right in law in excluding the entire receipt and not income component embedded in such receipt in respect of insurance claim received by the assessee while calculating deduction under section 80-HH and 80-I of the Act. 6. We have heard learned counsel for the parties. So far as the issue under consideration is concerned, it is squar .....

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