https://www.taxtmi.com/caselaws?id=185415 A loss of stock-in-trade destroyed by accidental fire was a trading loss, not a capital loss, and was deductible in computing business profits under ordinary commercial principles unless barred by statute. The court treated fire as a business risk reflected in the trading account, noting that insurance on stock and insurance recoveries form part of the computation of real profits. The deduction was therefore allowable, and the issue was decided in favour of the assessee. en-us Fri, 20 Dec 1946 00:00:00 +0530 Thu, 11 Aug 2016 18:46:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185415 A loss of stock-in-trade destroyed by accidental fire was a trading loss, not a capital loss, and was deductible in computing business profits under ordinary commercial principles unless barred by statute. The court treated fire as a business risk reflected in the trading account, noting that insurance on stock and insurance recoveries form part of the computation of real profits. The deduction was therefore allowable, and the issue was decided in favour of the assessee. Case-Laws Income Tax Fri, 20 Dec 1946 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185415