https://www.taxtmi.com/caselaws?id=11874 The court held that the ad hoc compensation of Rs. 8.50 lakhs received from the insurance company was taxable as income for the assessment year 1978-79. The court determined that the payment was made on account of the loss suffered by the assessee due to a fire incident and that the insurance company had acknowledged its liability by making the payment. The court concluded that the receipt was taxable as income and disposed of the reference in favor of the Department and against the assessee, with no order as to costs. en-us Wed, 23 Oct 2002 00:00:00 +0530 Wed, 10 Feb 2010 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11874 The court held that the ad hoc compensation of Rs. 8.50 lakhs received from the insurance company was taxable as income for the assessment year 1978-79. The court determined that the payment was made on account of the loss suffered by the assessee due to a fire incident and that the insurance company had acknowledged its liability by making the payment. The court concluded that the receipt was taxable as income and disposed of the reference in favor of the Department and against the assessee, with no order as to costs. Case-Laws Income Tax Wed, 23 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11874