https://www.taxtmi.com/caselaws?id=36321 The High Court upheld the Tribunal's decision to support the Commissioner's withdrawal of the excess loss allowed to the assessee. The Court found that the assessee failed to provide sufficient evidence for the claimed loss of Rs. 70,000, while the insurance company's assessment of Rs. 39,445 after discussions with the assessee was deemed credible. The Court affirmed that all relevant material was considered, emphasizing the acceptance of compensation at Rs. 39,445 by the assessee. Consequently, the Court ruled in favor of the revenue, supporting the Commissioner's decision under section 263 of the Income-tax Act, 1961. en-us Mon, 21 Jul 1980 00:00:00 +0530 Sat, 20 Mar 2010 16:39:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36321 The High Court upheld the Tribunal's decision to support the Commissioner's withdrawal of the excess loss allowed to the assessee. The Court found that the assessee failed to provide sufficient evidence for the claimed loss of Rs. 70,000, while the insurance company's assessment of Rs. 39,445 after discussions with the assessee was deemed credible. The Court affirmed that all relevant material was considered, emphasizing the acceptance of compensation at Rs. 39,445 by the assessee. Consequently, the Court ruled in favor of the revenue, supporting the Commissioner's decision under section 263 of the Income-tax Act, 1961. Case-Laws Income Tax Mon, 21 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36321