Visaka Industies Ltd vs DCIT

Authority: ITAT Tribunal/Court: Hyderabad Date: 2018-05-31 AY: 2008-09, 2009-10, 2010-11 Section: 153A, 80IB, 10(2)(xv), 37, 80-IA Acts: Income Tax Act 1961 Result: Statistical Purpose Citation: 618Taxpundit33 Justices: P. Madhavi Devi JM & B. Ramakotaiah AM Appeal No: ITA No.1646 to 1648/Hyd/2017
Whether income from sale of scrap and insurance compensation qualifies for deduction under Section 80IB as 'derived from industrial undertaking' --- Held Yes. Whether forfeited advance for land lease and security deposits for machinery expansion are allowable as business expenditure under Section 37(1) --- Held Yes. Whether assessment under Section 153A is valid when no incriminating material is found during search and original assessment under Section 143(3) was completed --- Held No.

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