https://www.taxtmi.com/caselaws?id=49263 The Supreme Court held that war damage receipts received by the assessee were fully taxable as income for the relevant assessment years. The court rejected the argument that only the excess over the book value of the damaged assets should be taxed, emphasizing the compensation received as profit for tax purposes. The judgment highlighted the special relief scheme availed by the assessee and the nil value assigned to assets post-compensation, leading to the entire compensation amount being taxable. The appeals were dismissed, and the assessee was directed to bear the legal costs incurred. en-us Fri, 17 Dec 1965 00:00:00 +0530 Sun, 17 Aug 2014 14:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49263 The Supreme Court held that war damage receipts received by the assessee were fully taxable as income for the relevant assessment years. The court rejected the argument that only the excess over the book value of the damaged assets should be taxed, emphasizing the compensation received as profit for tax purposes. The judgment highlighted the special relief scheme availed by the assessee and the nil value assigned to assets post-compensation, leading to the entire compensation amount being taxable. The appeals were dismissed, and the assessee was directed to bear the legal costs incurred. Case-Laws Income Tax Fri, 17 Dec 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49263