https://www.taxtmi.com/caselaws?id=277305 The High Court of Bombay held that insurance proceeds received by the assessee company as indemnity for loss of profits due to fire damage were taxable. The court rejected the argument that the sums were not taxable as they were received as indemnity, stating they represented the profits the company would have earned if not for the fire. Referring to precedent, the court determined the receipts were revenue payments connected to the business, making them subject to tax under the Income-tax Act. Justice Tendolkar concurred, affirming the taxability of the insurance proceeds. en-us Fri, 18 Mar 1949 00:00:00 +0530 Sat, 01 Dec 2018 10:09:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277305 The High Court of Bombay held that insurance proceeds received by the assessee company as indemnity for loss of profits due to fire damage were taxable. The court rejected the argument that the sums were not taxable as they were received as indemnity, stating they represented the profits the company would have earned if not for the fire. Referring to precedent, the court determined the receipts were revenue payments connected to the business, making them subject to tax under the Income-tax Act. Justice Tendolkar concurred, affirming the taxability of the insurance proceeds. Case-Laws Income Tax Fri, 18 Mar 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277305