https://www.taxtmi.com/caselaws?id=26551 The High Court held that Section 41(2) of the Income-tax Act did not apply to the insurance amount received by the assessee, as the confiscation of vessels did not fall under the categories of sale, discard, demolition, or physical destruction. The Court emphasized that confiscation did not involve the assessee's volition and did not equate to a sale or discard. Precedents were cited to support the interpretation that non-physical destruction did not trigger Section 41(2). The Tribunal's decision was upheld in favor of the assessee, with no order as to costs. en-us Mon, 02 Jun 1986 00:00:00 +0530 Sat, 06 Feb 2010 10:12:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26551 The High Court held that Section 41(2) of the Income-tax Act did not apply to the insurance amount received by the assessee, as the confiscation of vessels did not fall under the categories of sale, discard, demolition, or physical destruction. The Court emphasized that confiscation did not involve the assessee's volition and did not equate to a sale or discard. Precedents were cited to support the interpretation that non-physical destruction did not trigger Section 41(2). The Tribunal's decision was upheld in favor of the assessee, with no order as to costs. Case-Laws Income Tax Mon, 02 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26551