https://www.taxtmi.com/caselaws?id=185677 The Revenue appealed against the deletion of an insurance claim received by the assessee, which was initially rejected but later approved as exgratia. The Assessing Officer treated this amount as income, but the CIT(A) and Tribunal ruled in favor of the assessee, stating that the claim was compensatory and not taxable income for the relevant year. The Tribunal noted that the claim was settled in a subsequent financial year and no adjustment was required for the year under consideration. The appeal was dismissed, with grounds 2 and 3 also being rejected as they were general in nature. en-us Mon, 24 May 2010 00:00:00 +0530 Tue, 23 Aug 2016 14:32:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185677 The Revenue appealed against the deletion of an insurance claim received by the assessee, which was initially rejected but later approved as exgratia. The Assessing Officer treated this amount as income, but the CIT(A) and Tribunal ruled in favor of the assessee, stating that the claim was compensatory and not taxable income for the relevant year. The Tribunal noted that the claim was settled in a subsequent financial year and no adjustment was required for the year under consideration. The appeal was dismissed, with grounds 2 and 3 also being rejected as they were general in nature. Case-Laws Income Tax Mon, 24 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185677