https://www.taxtmi.com/caselaws?id=65656 The Tribunal dismissed the Revenue's appeal, upholding the deletion of disallowance of repairs and maintenance expenditure as revenue in nature. Regarding insurance compensation for fire loss, the Tribunal agreed that compensation for capital assets is not taxable as business income but remanded the matter to adjust the compensation against the written down value of assets. The Tribunal also upheld the set-off of losses from the previous assessment year, finding the filing within the due time as per CBDT Circular No. 639. The appeal was partly allowed for statistical purposes, with the issue of insurance compensation remanded for re-evaluation. en-us Mon, 08 Sep 2003 00:00:00 +0530 Fri, 18 Feb 2011 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65656 The Tribunal dismissed the Revenue's appeal, upholding the deletion of disallowance of repairs and maintenance expenditure as revenue in nature. Regarding insurance compensation for fire loss, the Tribunal agreed that compensation for capital assets is not taxable as business income but remanded the matter to adjust the compensation against the written down value of assets. The Tribunal also upheld the set-off of losses from the previous assessment year, finding the filing within the due time as per CBDT Circular No. 639. The appeal was partly allowed for statistical purposes, with the issue of insurance compensation remanded for re-evaluation. Case-Laws Income Tax Mon, 08 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65656