https://www.taxtmi.com/caselaws?id=10453 Liquidated damages received for breach of contract were held not to have the direct nexus required by the words "derived from" in sections 80HH and 80-I of the Income-tax Act. The receipt did not arise from sale of manufactured goods or from the industrial undertaking's manufacturing activity itself; it was only compensation from defaulting contracting parties. Such an incidental receipt could not qualify as profits derived from the industrial undertaking and was taxable as income from another source. The Tribunal's view was therefore set aside in favour of the Revenue. en-us Thu, 25 Nov 2004 00:00:00 +0530 Thu, 16 Jul 2009 09:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10453 Liquidated damages received for breach of contract were held not to have the direct nexus required by the words "derived from" in sections 80HH and 80-I of the Income-tax Act. The receipt did not arise from sale of manufactured goods or from the industrial undertaking's manufacturing activity itself; it was only compensation from defaulting contracting parties. Such an incidental receipt could not qualify as profits derived from the industrial undertaking and was taxable as income from another source. The Tribunal's view was therefore set aside in favour of the Revenue. Case-Laws Income Tax Thu, 25 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10453