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2013 (12) TMI 892 - ITAT MUMBAIReceipts of crane hire charges, sale of empty gunny bags/drums and insurance claim - eligible for deduction u/s 80IA or not - Held that:- Following COMMISSIONER OF INCOME-TAX Versus ESCORTS FINANCE LTD.[2009 (8) TMI 677] - DELHI HIGH COURT - Even the ex-facie bogus claims attracts penalty - The assessee did not explain to the Income-tax Appellate Tribunal as to in what circumstances and on account of whose mistake, the amounts claimed as deductions in this case were not added, while computing the income of the assessee-company - The income should inextricably have a direct nexus with the ongoing business of the assessee. Insurance claim, sale of empty gunny bags and crane hire charges, though may be part of the business of the assessee but did not have direct nexus - Decided against assessee.
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