2016 (6) TMI 962
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.... HONOURABLE MR.JUSTICE KS JHAVERI) By way of this appeal under section 260A of the Income-tax Act, 1961, the appellant has challenged the order of the Income-tax Appellate Tribunal (hereinafter referred to as "the Tribunal") dated 7.4.2006 whereby the Tribunal has decided the appeal partly against the appellant-assessee. This court, while admitting the appeal, has framed the following question: ....
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....ellant and the revenue, partly allowed the appeal preferred by the appellant-assessee by order dated 3.8.1998. Against the said order of the Commissioner of Income-tax (Appeals), both the assessee and the revenue preferred appeal. The Tribunal after hearing both the sides, passed the order as aforesaid. 4. Learned counsel for the appellant has contended that the Tribunal erred in holding that ins....
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....a Ltd. vs. Deputy Commissioner of Income-tax reported in (2005) 147 Taxman 69 (Delhi) (Mag) wherein it is held as follows: "While allowing deduction under section 80-I, the Assessing Officer reduced the amounts in respect of insurance claim, interest from supplier etc., miscellaneous receipts and rent from business profit. On appeal, the Commissioner (Appeals) confirmed the said order. Held - De....
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....laneous receipts were mainly on account of sundry balances of suppliers written off and discount received from various parties. Since the amount was earlier booked as expenses at the time of transaction, so the said amount also constituted a part of business income. Therefore, the commissioner (Appeals) was not justified in disallowing the deduction under section 80-I on the insurance claim. Simi....