https://www.taxtmi.com/caselaws?id=5726 SC held that Section 41(2) of Income-tax Act does not apply when insurer exercises option to replace damaged aircraft instead of paying money. Court ruled that when insurer chooses replacement over cash payment, the insurance contract becomes one for reinstatement from inception, not money payment. The expression "moneys payable" in Section 41(2) cannot be interpreted as "money's worth." Since no money was payable under the contract after insurer's option exercise, the provision was inapplicable. Appeal dismissed, HC judgment upheld. en-us Wed, 17 Mar 1999 00:00:00 +0530 Mon, 14 Jul 2025 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5726 SC held that Section 41(2) of Income-tax Act does not apply when insurer exercises option to replace damaged aircraft instead of paying money. Court ruled that when insurer chooses replacement over cash payment, the insurance contract becomes one for reinstatement from inception, not money payment. The expression "moneys payable" in Section 41(2) cannot be interpreted as "money's worth." Since no money was payable under the contract after insurer's option exercise, the provision was inapplicable. Appeal dismissed, HC judgment upheld. Case-Laws Income Tax Wed, 17 Mar 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5726