9911796707
TMI Blog2012 (11) TMI 631X X X X Extracts X X X X X X X X Extracts X X X X ..... ARAMAN,J.) The Revenue is on appeal as against the order of the Income Tax Appellate Tribunal relating to assessment year 1998-99 by raising the following question of law:- "Whether the insurance money received on loss of production is entitled for deduction under Section 80IA?" 2. It is seen from the facts herein that the assessee is stated to have suffered fire accident on 11.3.1996, which is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, it was clear that the insurance money was paid to the assessee for the loss on production. In the circumstances, the Officer was directed to include the compensation as profit derived from the undertaking and compute the same for deduction under Section 80IA of the Act. Aggrieved by the same, the Revenue went on appeal before the Income Tax Appellate Tribunal. Before the Tribunal, evidently, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of inclusion under Section 80-IA of the Act. 4. As already seen in the preceding paragraph, the accident took place on 11.3.1996, which is relevant for the assessment year 1996-97. The assessment year in question relating to 1998-99. It is evident from the reading of the order of the authorities below that there were no materials produced by the assessee to substantiate the nature of the fire ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ving any connection whatsoever to the industrial activity of the assessee on its income earning aspect. 6. As far as the Tribunal's order is concerned, reliance placed on the decision of the Delhi Bench of the Tribunal rendered in the case of ROLLATAINERS LIMITED v. DCIT (69 TTJ 8), is totally misplaced, since, as is evident from the order of the Tribunal, the case dealt with by the Delhi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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