https://www.taxtmi.com/caselaws?id=49263 War-damage compensation received in replacement of assets was taxable in full because the assessee had already obtained relief under a special scheme on the footing that the war losses were fully absorbed. The Court held that no residual book value remained available for partial exclusion from tax, and the argument that only the excess over book value could be taxed could not succeed, particularly since it had not been raised before the revenue authorities. The full compensation was therefore brought to tax as income, and the assessment was upheld. 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 War-damage compensation received in replacement of assets was taxable in full because the assessee had already obtained relief under a special scheme on the footing that the war losses were fully absorbed. The Court held that no residual book value remained available for partial exclusion from tax, and the argument that only the excess over book value could be taxed could not succeed, particularly since it had not been raised before the revenue authorities. The full compensation was therefore brought to tax as income, and the assessment was upheld. Case-Laws Income Tax Fri, 17 Dec 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49263