https://www.taxtmi.com/caselaws?id=121731 The tribunal ruled in favor of the assessee in a tax case involving insurance claims for damage to capital assets and the disallowance of foreign travel expenses. Regarding the insurance claim, the tribunal held that the amount received against repair costs of machinery and building should be taxed in the year of receipt under section 45(1A) as capital gains, supporting the assessee's position. Additionally, the tribunal allowed the foreign travel expenses claimed by the assessee, finding them to be wholly and exclusively for business purposes under section 37(1) of the Income-tax Act. The tribunal dismissed the revenue's appeal and upheld the assessee's appeal. en-us Fri, 05 Dec 2008 00:00:00 +0530 Wed, 01 Aug 2012 17:54:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121731 The tribunal ruled in favor of the assessee in a tax case involving insurance claims for damage to capital assets and the disallowance of foreign travel expenses. Regarding the insurance claim, the tribunal held that the amount received against repair costs of machinery and building should be taxed in the year of receipt under section 45(1A) as capital gains, supporting the assessee's position. Additionally, the tribunal allowed the foreign travel expenses claimed by the assessee, finding them to be wholly and exclusively for business purposes under section 37(1) of the Income-tax Act. The tribunal dismissed the revenue's appeal and upheld the assessee's appeal. Case-Laws Income Tax Fri, 05 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121731