https://www.taxtmi.com/caselaws?id=249735 The High Court held that the adjustment of insurance money against destroyed assets should be limited to the book value of the destroyed items, not the entire insurance amount received. The Court emphasized that the concept of block assets under the Income Tax Act should be maintained, and only the value of the destroyed items should be deducted from the Written Down Value. The Tribunal's decision to deduct the entire insurance amount was deemed incorrect, and the appellate authority's order restricting the deduction to the book value of the destroyed items was upheld. en-us Thu, 12 Jun 2014 00:00:00 +0530 Tue, 17 Feb 2015 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249735 The High Court held that the adjustment of insurance money against destroyed assets should be limited to the book value of the destroyed items, not the entire insurance amount received. The Court emphasized that the concept of block assets under the Income Tax Act should be maintained, and only the value of the destroyed items should be deducted from the Written Down Value. The Tribunal's decision to deduct the entire insurance amount was deemed incorrect, and the appellate authority's order restricting the deduction to the book value of the destroyed items was upheld. Case-Laws Income Tax Thu, 12 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249735