https://www.taxtmi.com/caselaws?id=69056 Repairs expenditure and motor car insurance fall outside the disallowance contemplated by section 37(3A). For section 41(2), insurance compensation for damage to a capital asset arises from a distinct event from its subsequent sale. The computation of taxable profit is confined to moneys payable on the sale event and does not include unutilised insurance proceeds. Such compensation retains its capital-receipt character unless expressly brought to tax, with the statutory framework preserving the distinction between sale proceeds and insurance or compensation moneys. en-us Thu, 30 Apr 1992 00:00:00 +0530 Fri, 20 Jan 2012 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69056 Repairs expenditure and motor car insurance fall outside the disallowance contemplated by section 37(3A). For section 41(2), insurance compensation for damage to a capital asset arises from a distinct event from its subsequent sale. The computation of taxable profit is confined to moneys payable on the sale event and does not include unutilised insurance proceeds. Such compensation retains its capital-receipt character unless expressly brought to tax, with the statutory framework preserving the distinction between sale proceeds and insurance or compensation moneys. Case-Laws Income Tax Thu, 30 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69056