M/S VISAKA INDUSTRIES LIMITED,,SECUNDERABAD vs. ADDL.CIT, RANGE 3, HYDERABAD
In the result, appeal of Assessee is partly allowed
ITA 172/HYD/2014[2010-11]Status: DisposedITAT Hyderabad06 Apr 2018AY 2010-11
Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiahassessment Year: 2010-11 M/S Visaka Industries Vs. Addl. Commissioner Of Limited, Secunderabad. Income Tax, Range-3, Hyderabad. Pan- Aaacv7263K (Appellant) (Respondent) Assessee By : Shri M.V. Anil Kumar Revenue By : Smt. Mini Chandran
For Appellant: Shri M.V. Anil KumarFor Respondent: Smt. Mini Chandran
Section 80I
…lowed major amounts and rejected two items. One such amount rejected was claim on insurance on raw material to an extent of Rs. 4.72,244/-. Ld. CIT(A) rejected the claim stating as under: “5.5 Similarly, it was held in the case of Khemka Container P Ltd V CiT 275 ITR 559 (P&H) that insurance claim received on account of loss of raw material in fire is not income ‘derived from’ industrial undertaking for 80IA. Applying the ration of this decision, deduction u/s 80IB cannot be allowed on the receipt of Rs. 4,72,244 as insurance claim on raw materials. 6.1 Ld. Counsel referred to the claim and submitted that the ins…
