Capital Loss from Destroyed Assets Recognized in Tax Year of Insurance Claim Denial, Impacting Taxable Year.

Capital Loss from Destroyed Assets Recognized in Tax Year of Insurance Claim Denial, Impacting Taxable Year. https://www.taxtmi.com/highlights?id=73161 Capital loss on account of destruction of capital assets where insurance claim is filed - Asset/ building destroyed in an earthquake - Taxable Year - For year in which the capital gain/loss is to be deemed to relate to as per the section we hold that it pertains to the year in which the claim of the assessee was initially rejected by the insurance company. - AT en-us Wed, 22 Nov 2023 08:11:58 +0530 Wed, 22 Nov 2023 12:12:33 +0530 TaxTMI RSS Generator Capital Loss from Destroyed Assets Recognized in Tax Year of Insurance Claim Denial, Impacting Taxable Year. https://www.taxtmi.com/highlights?id=73161 Capital loss on account of destruction of capital assets where insurance claim is filed - Asset/ building destroyed in an earthquake - Taxable Year - For year in which the capital gain/loss is to be deemed to relate to as per the section we hold that it pertains to the year in which the claim of the assessee was initially rejected by the insurance company. - AT Highlights Income Tax Wed, 22 Nov 2023 08:11:58 +0530 https://www.taxtmi.com/highlights?id=73161