https://www.taxtmi.com/caselaws?id=27608 The court held that the insurer's option to reinstate the damaged aircraft did not trigger assessable profit under Section 41(2) of the Income-tax Act, 1961. The court determined that the insurer's election to reinstate discharged liability by replacing the aircraft, not by monetary payment. As a result, the transaction did not fall within the scope of Section 41(2), rejecting the Revenue's argument. The court ruled in favor of the assessee, denying the Revenue's appeal and awarding costs to the assessee. en-us Tue, 17 Jul 1984 00:00:00 +0530 Mon, 15 Feb 2010 10:14:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27608 The court held that the insurer's option to reinstate the damaged aircraft did not trigger assessable profit under Section 41(2) of the Income-tax Act, 1961. The court determined that the insurer's election to reinstate discharged liability by replacing the aircraft, not by monetary payment. As a result, the transaction did not fall within the scope of Section 41(2), rejecting the Revenue's argument. The court ruled in favor of the assessee, denying the Revenue's appeal and awarding costs to the assessee. Case-Laws Income Tax Tue, 17 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27608