https://www.taxtmi.com/caselaws?id=445908 ITAT held that capital loss on building destroyed in earthquake is allowable under section 45(1A) in the year insurance claim was rejected, not when finally settled by HC. Tribunal ruled that rejected insurance claim constitutes zero receipt, triggering section 45(1A) computation. Assessee entitled to claim capital loss against capital gains in the assessment year when insurance company rejected the claim, not awaiting final court settlement. en-us Fri, 10 Nov 2023 00:00:00 +0530 Wed, 22 Nov 2023 08:11:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445908 ITAT held that capital loss on building destroyed in earthquake is allowable under section 45(1A) in the year insurance claim was rejected, not when finally settled by HC. Tribunal ruled that rejected insurance claim constitutes zero receipt, triggering section 45(1A) computation. Assessee entitled to claim capital loss against capital gains in the assessment year when insurance company rejected the claim, not awaiting final court settlement. Case-Laws Income Tax Fri, 10 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445908