https://www.taxtmi.com/caselaws?id=291138 Insurance money received under use and occupancy policies for loss of net profits and fixed charges after a fire was treated as income under the provincial taxing statute. The receipt was connected with the carrying on of the business and was a substitute for expected trading gains during the interruption, so it fell within the wide statutory meaning of income derived from business sources. The fire policies covered capital loss, but the separate indemnity for loss of profits was a business receipt to be brought into account in computing net income. The statutory exclusion for losses or expenses recoverable under insurance did not prevent taxation of a receipt substituting for trading profits. en-us Tue, 08 Mar 1932 00:00:00 +0530 Thu, 29 Oct 2020 14:12:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291138 Insurance money received under use and occupancy policies for loss of net profits and fixed charges after a fire was treated as income under the provincial taxing statute. The receipt was connected with the carrying on of the business and was a substitute for expected trading gains during the interruption, so it fell within the wide statutory meaning of income derived from business sources. The fire policies covered capital loss, but the separate indemnity for loss of profits was a business receipt to be brought into account in computing net income. The statutory exclusion for losses or expenses recoverable under insurance did not prevent taxation of a receipt substituting for trading profits. Case-Laws VAT and Sales Tax Tue, 08 Mar 1932 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291138