https://www.taxtmi.com/caselaws?id=218616 The High Court held that insurance money received for loss of production due to a fire accident was not eligible for deduction under Section 80IA of the Income Tax Act. The Court found that there was no demonstrated link between the compensation received and the industrial activities of the company, emphasizing the necessity of establishing a direct connection to claim deductions under the Act. Therefore, the Court set aside the Tribunal's decision and allowed the Revenue's appeal, ruling in favor of the Revenue. en-us Tue, 30 Oct 2012 00:00:00 +0530 Wed, 21 Nov 2012 06:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218616 The High Court held that insurance money received for loss of production due to a fire accident was not eligible for deduction under Section 80IA of the Income Tax Act. The Court found that there was no demonstrated link between the compensation received and the industrial activities of the company, emphasizing the necessity of establishing a direct connection to claim deductions under the Act. Therefore, the Court set aside the Tribunal's decision and allowed the Revenue's appeal, ruling in favor of the Revenue. Case-Laws Income Tax Tue, 30 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218616