https://www.taxtmi.com/caselaws?id=4445 Insurance compensation received during the previous year was treated as agricultural income under section 4(2)(ii) of the Kerala Agricultural Income-tax Act, 1991, because the provision deems as income any amount received in respect of a loss, expenditure or liability for which an allowance or deduction had already been made. The deeming fiction applies in the year of receipt, even if the underlying loss arose earlier. Compensation for insured loss in rubber latex stock therefore fell within the statutory language and was assessable in the relevant assessment year. en-us Wed, 17 Oct 2007 00:00:00 +0530 Sat, 26 Jul 2008 12:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4445 Insurance compensation received during the previous year was treated as agricultural income under section 4(2)(ii) of the Kerala Agricultural Income-tax Act, 1991, because the provision deems as income any amount received in respect of a loss, expenditure or liability for which an allowance or deduction had already been made. The deeming fiction applies in the year of receipt, even if the underlying loss arose earlier. Compensation for insured loss in rubber latex stock therefore fell within the statutory language and was assessable in the relevant assessment year. Case-Laws Income Tax Wed, 17 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4445