Taxpayer's Premature Insurance Write-off Sparks Accounting Accuracy Concerns in Fire Loss Claim Settlement Discrepancy.

Taxpayer's Premature Insurance Write-off Sparks Accounting Accuracy Concerns in Fire Loss Claim Settlement Discrepancy. https://www.taxtmi.com/highlights?id=34988 Addition on account of insurance claim - ascertaining actual loss of stock in fire - we fail to understand as to why and how the assessee has written off partial claim of insurance amounting to ₹ 1 crore in the year under consideration before final settlement of such claim by the Insurance company which was allowed at ₹ 3,40,388/- in the subsequent year - AT en-us Fri, 26 May 2017 10:09:04 +0530 Fri, 26 May 2017 10:09:04 +0530 TaxTMI RSS Generator Taxpayer's Premature Insurance Write-off Sparks Accounting Accuracy Concerns in Fire Loss Claim Settlement Discrepancy. https://www.taxtmi.com/highlights?id=34988 Addition on account of insurance claim - ascertaining actual loss of stock in fire - we fail to understand as to why and how the assessee has written off partial claim of insurance amounting to ₹ 1 crore in the year under consideration before final settlement of such claim by the Insurance company which was allowed at ₹ 3,40,388/- in the subsequent year - AT Highlights Income Tax Fri, 26 May 2017 10:09:04 +0530 https://www.taxtmi.com/highlights?id=34988