https://www.taxtmi.com/caselaws?id=257521 Deduction under Section 80IB is available only for profits and gains derived from the industrial undertaking, so the assessee must prove a direct and proximate nexus between the claimed income and the undertaking. Surrendered income does not qualify on presumption merely because it is assessed as business income. In the absence of positive material showing unaccounted turnover, inflated expenses, or another direct link with the industrial undertaking, the burden is not discharged. The surrendered amount was therefore held ineligible for deduction, and the assessee's claim failed. en-us Thu, 08 Aug 2013 00:00:00 +0530 Sat, 14 Mar 2015 06:59:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257521 Deduction under Section 80IB is available only for profits and gains derived from the industrial undertaking, so the assessee must prove a direct and proximate nexus between the claimed income and the undertaking. Surrendered income does not qualify on presumption merely because it is assessed as business income. In the absence of positive material showing unaccounted turnover, inflated expenses, or another direct link with the industrial undertaking, the burden is not discharged. The surrendered amount was therefore held ineligible for deduction, and the assessee's claim failed. Case-Laws Income Tax Thu, 08 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257521