https://www.taxtmi.com/caselaws?id=5517 The Supreme Court upheld the High Court's decision that the compensation received for the loss of stock-in-trade was a trading receipt and assessable to tax. The Court emphasized that the amount was included in the assessment year 1961-62 based on the compensation for the loss or damage to the stock-in-trade, rather than section 41(1) of the Income-tax Act, 1961. Consequently, the appellant's appeal was dismissed, and no costs were awarded. en-us Mon, 22 Apr 1996 00:00:00 +0530 Tue, 25 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5517 The Supreme Court upheld the High Court's decision that the compensation received for the loss of stock-in-trade was a trading receipt and assessable to tax. The Court emphasized that the amount was included in the assessment year 1961-62 based on the compensation for the loss or damage to the stock-in-trade, rather than section 41(1) of the Income-tax Act, 1961. Consequently, the appellant's appeal was dismissed, and no costs were awarded. Case-Laws Income Tax Mon, 22 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5517