2003 (11) TMI 23

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....s 1979-80. The questions referred are, as to whether the Tribunal was right in law in holding that the income from the sale of scrap is not relatable to the industrial activities of the assessee for the purpose of section 80HH of the Income-tax Act, 1961, and, as to whether it was right in not granting relief under section 80HH of the Act in respect of the amount received from the insurance compan....

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....e facts are that the assessee had imported 200 metric tonnes of potassium chloride from Canada. While the goods were in transit, the same were lost. In respect of that loss, the assessee has made a claim against the insurance company and received from the insurer the amount in excess of the value of the goods and the expenditure that had been incurred by the assessee in connection with that transp....