https://www.taxtmi.com/caselaws?id=400977 The tribunal ruled in favor of the assessee in an appeal against the disallowance of a loss due to fire under section 29 of the Income Tax Act, 1961. The tribunal held that the loss, even though insured, should be allowed as a deduction in the computation of profits and gains of the business, citing judicial precedents. The assessing officer was directed to grant the deduction. The issue of charging interest under sections 234A, 234B, 234C, and 234D was deemed consequential and not further adjudicated, resulting in the appeal being allowed. en-us Fri, 15 May 2020 00:00:00 +0530 Mon, 23 Nov 2020 15:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400977 The tribunal ruled in favor of the assessee in an appeal against the disallowance of a loss due to fire under section 29 of the Income Tax Act, 1961. The tribunal held that the loss, even though insured, should be allowed as a deduction in the computation of profits and gains of the business, citing judicial precedents. The assessing officer was directed to grant the deduction. The issue of charging interest under sections 234A, 234B, 234C, and 234D was deemed consequential and not further adjudicated, resulting in the appeal being allowed. Case-Laws Income Tax Fri, 15 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400977