https://www.taxtmi.com/caselaws?id=61842 The Tribunal ruled that no capital gains arose from insurance money received due to fire, overturning the CIT (Appeals) decision based on Supreme Court precedent. The timing of taxability under Section 41(2) was determined to be in the years the insurance payments were made, not when the fire occurred. The Tribunal allowed the appeal partly, setting aside the taxability rulings on insurance money while upholding decisions on surtax liability, motor car expenses, and provident fund contributions. en-us Fri, 26 Feb 1993 00:00:00 +0530 Sat, 15 Jan 2011 16:00:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61842 The Tribunal ruled that no capital gains arose from insurance money received due to fire, overturning the CIT (Appeals) decision based on Supreme Court precedent. The timing of taxability under Section 41(2) was determined to be in the years the insurance payments were made, not when the fire occurred. The Tribunal allowed the appeal partly, setting aside the taxability rulings on insurance money while upholding decisions on surtax liability, motor car expenses, and provident fund contributions. Case-Laws Income Tax Fri, 26 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61842