TaxTMI 
TaxTMI 
2018 (7) TMI 1627
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....ant Mr. Tejveer Singh for the respondent P.C. 1. This appeal under Section 260A of the Income Tax Act, 1961 (the Act) was admitted on 18th July, 2006 on the following substantial questions of law : (a) On the facts and in the circumstances of the case, whether the Income-tax Appellate Tribunal was right in law in reversing the order of the CIT(A) and restoring that of the Respondent No....
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....d on account of non-supply of spare parts by the supplier for running of the industrial undertaking. 3. The deduction under both the aforesaid heads under Section 80IA of the Act was disallowed by the impugned order of the Tribunal. It followed the decision of the Apex Court in Commissioner of Income Tax Vs. Pandian Chemicals Ltd. 318 ITR 420 which has held that the words 'derived from'....
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....d from any business of an industrial undertaking. It is submitted that the above issue is no longer res integra as the issue stand concluded in its favour by the decision of this Court in Commissioner of Income Tax Vs. Jagdish prasad M. Joshi, 318 ITR 420. 5. We find that this Court in Jagdishprasad M. Joshi (supra), the question which was posed for our consideration was as under : "Whether ....
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....brought out i.e. "profits and gains derived from industrial undertakings" as found in Section 80HH of the Act with "profits and gains derived from any business of an industrial undertakings". In view of the difference in language of the two Sections, this Court held that interest on fixed deposits in the bank would be profits and gains derived from any business of an industrial undertaking. The sa....