Shipping Business -Insurance claim will qualify for deduction U/s. 33AC only if it represents business profits of assessee

IN THE ITAT MUMBAI BENCH ‘B’ Deputy Commissioner of Income-tax Versus Mercator Lines Ltd. IT Appeal No. 7379 (Mum.) of 2011 [Assessment year 2003-04] OCTOBER 17, 2012 ORDER B.R. Jain, Accountant Member This appeal by revenue against the order dated 19-8-2011 of leaned CIT(A)-9, Mumbai, raises following grounds :- “Whether on the facts and the circumstances of the case and in law, the learned CIT(A) has erred in directing the Assessing Officer to allow deduction u/s. 33AC on the amount of insurance claim at Rs. 1,29,09,141/- without appreciating the fact that ...