https://www.taxtmi.com/caselaws?id=447404 ITAT Mumbai allowed the assessee's appeal regarding Section 80IB deduction on insurance compensation for destroyed goods. The Revenue contended that insurance compensation and franchisee payments for lost goods were not profits from industrial undertaking. ITAT held that compensation received from insurance company for damaged goods constitutes profit from industrial undertaking, following Gujarat HC precedent in Shree Rama Multi Tech Ltd. The tribunal reasoned that such compensation represents income the assessee would have earned if goods weren't destroyed, making it eligible for Section 80IB deduction. en-us Fri, 22 Dec 2023 00:00:00 +0530 Mon, 25 Dec 2023 09:25:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447404 ITAT Mumbai allowed the assessee's appeal regarding Section 80IB deduction on insurance compensation for destroyed goods. The Revenue contended that insurance compensation and franchisee payments for lost goods were not profits from industrial undertaking. ITAT held that compensation received from insurance company for damaged goods constitutes profit from industrial undertaking, following Gujarat HC precedent in Shree Rama Multi Tech Ltd. The tribunal reasoned that such compensation represents income the assessee would have earned if goods weren't destroyed, making it eligible for Section 80IB deduction. Case-Laws Income Tax Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447404