https://www.taxtmi.com/caselaws?id=69056 Repairs and motor car insurance expenditure was treated as outside the disallowance under section 37(3A), so the addition was not sustained. Insurance compensation received for damage to a capital asset was treated as arising from a separate event from the later sale of the asset; the compensation retained its character as a capital receipt and was not includible in profit computation under section 41(2) along with sale proceeds. The note states that section 41(2) is confined to the actual taxable event and does not extend to unutilised insurance money unless the statute expressly so provides. 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 and motor car insurance expenditure was treated as outside the disallowance under section 37(3A), so the addition was not sustained. Insurance compensation received for damage to a capital asset was treated as arising from a separate event from the later sale of the asset; the compensation retained its character as a capital receipt and was not includible in profit computation under section 41(2) along with sale proceeds. The note states that section 41(2) is confined to the actual taxable event and does not extend to unutilised insurance money unless the statute expressly so provides. Case-Laws Income Tax Thu, 30 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69056