https://www.taxtmi.com/caselaws?id=3398 The Tribunal dismissed the appeal, upholding the lower authorities' decision to disallow the deduction claimed by the assessee under Section 80-IA of the Income Tax Act. The Tribunal emphasized the requirement of a direct nexus between profits and gains and the industrial undertaking for claiming deductions. It referenced previous judgments, including the Sterling Foods case, to support its decision that income from the sale of import licenses did not qualify for deduction as it lacked a direct nexus with the industrial undertaking. The Tribunal concluded that no substantial question of law arose and dismissed the appeal. en-us Tue, 04 Jul 2006 00:00:00 +0530 Mon, 28 Jul 2008 18:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3398 The Tribunal dismissed the appeal, upholding the lower authorities' decision to disallow the deduction claimed by the assessee under Section 80-IA of the Income Tax Act. The Tribunal emphasized the requirement of a direct nexus between profits and gains and the industrial undertaking for claiming deductions. It referenced previous judgments, including the Sterling Foods case, to support its decision that income from the sale of import licenses did not qualify for deduction as it lacked a direct nexus with the industrial undertaking. The Tribunal concluded that no substantial question of law arose and dismissed the appeal. Case-Laws Income Tax Tue, 04 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3398