https://www.taxtmi.com/caselaws?id=14661 Insurance receipts relating to damaged or destroyed machinery are discussed in the context of whether they fall within section 41(2) or give rise to a surviving question of law. The text notes that excess proceeds for fully destroyed machinery do not escape tax consequences merely because the loss arose by fire rather than transfer, but on the facts no appealable question of law survived. It also states that insurance receipts for partly damaged machinery repaired and restored to working condition are not chargeable under section 41(2), because the provision applies to sale, discard, demolition, or destruction in the statutory sense, not mere damage followed by restoration. en-us Tue, 07 Nov 2000 00:00:00 +0530 Fri, 17 Jul 2009 18:14:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14661 Insurance receipts relating to damaged or destroyed machinery are discussed in the context of whether they fall within section 41(2) or give rise to a surviving question of law. The text notes that excess proceeds for fully destroyed machinery do not escape tax consequences merely because the loss arose by fire rather than transfer, but on the facts no appealable question of law survived. It also states that insurance receipts for partly damaged machinery repaired and restored to working condition are not chargeable under section 41(2), because the provision applies to sale, discard, demolition, or destruction in the statutory sense, not mere damage followed by restoration. Case-Laws Income Tax Tue, 07 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14661