https://www.taxtmi.com/caselaws?id=5016 Compensation, insurance or salvage money received for destroyed business assets is taxable as deemed business profits only where the statutory conditions in the relevant previous year are satisfied. The fourth proviso to section 10(2)(vii) was construed strictly: the business must have been carried on for part or the whole of that year, and the machinery or assets must have been used in that year. Because those conditions were not met on the facts found, the receipt was not taxable under the proviso and the answer went in favour of the assessee. en-us Fri, 17 Mar 1967 00:00:00 +0530 Tue, 18 Nov 2008 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5016 Compensation, insurance or salvage money received for destroyed business assets is taxable as deemed business profits only where the statutory conditions in the relevant previous year are satisfied. The fourth proviso to section 10(2)(vii) was construed strictly: the business must have been carried on for part or the whole of that year, and the machinery or assets must have been used in that year. Because those conditions were not met on the facts found, the receipt was not taxable under the proviso and the answer went in favour of the assessee. Case-Laws Income Tax Fri, 17 Mar 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5016