Supreme Court · 1965 INSC 228 · Decided 26 October 1965
Commissioner of Income-Tax, Calcutfa v. M/S. Moon Mills LTD.
- Court
- Supreme Court of India
- Citation
- 1965 INSC 228 · [1966] 2 S.C.R. 393
- Case number
- CIVIL APPEAL No. 839/1964
- Decided
- 26 October 1965
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(2)(vii), 66(1)
Headnote
Income-tax Act (11 of 1922), s. 10(2) (vii), 41/i proviso-Capiial asset destroyed by fire-Right to receive insurance a111ount-lf an1011nt taxable. As a result of a fire breaking -out and destroying its &tock-in-trade, machinery and buildings, the assessee \received Rs. 65 lakhs from the claim. Though the Insurance Company finally accepted the claim on 13th December 1948, the amount was paid only on 27th March 1950. Out of that amount, a sum of Rs. .27 lakhs and odd represented the loss in respect of buildings and machinery, and it was not included in the return of assessee for
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