2011 (3) TMI 1623

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....22nd June, 2007 passed by the Income-tax Appellate Tribunal, Indore Bench (for short the Tribunal) in ITA No. 1087/Ind/2003 dismissing the appeal of the Revenue against the order dt. 17th Oct., 2003 passed by the Commissioner of Income-tax (Appeals)-II Indore [for short CIT(A)] in respect of asst. yr. 2000-01. 3. Briefly stated the respondent assessee claimed deduction under s. 80-IA of incomes a....

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....come, it was held by the CIT(A) that during the course of the business the assessee has to sometimes pay/receive liquidation damages for not honouring a contract for sale of oil and deoiled cake. It held that the income is directly derived from the industrial undertaking, the same is eligible for deduction under s. 80-IA. Thus, the finding of the CIT(A) was that the income in both the counts is a ....