https://www.taxtmi.com/caselaws?id=49734 A receipt under consequential loss insurance that compensates for loss of profits is income chargeable to tax when it arises in the course of business. The Supreme Court treated the amount as attributable to business profits rather than capital loss, held that the wide definition of total income under the Indian Income-tax Act, 1922 covered it, and found the casual receipt exception inapplicable because the payment arose from business and not from an isolated non-business source. The insurance character of the payment did not alter its taxable nature. en-us Mon, 03 Nov 1952 00:00:00 +0530 Fri, 12 Sep 2014 08:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49734 A receipt under consequential loss insurance that compensates for loss of profits is income chargeable to tax when it arises in the course of business. The Supreme Court treated the amount as attributable to business profits rather than capital loss, held that the wide definition of total income under the Indian Income-tax Act, 1922 covered it, and found the casual receipt exception inapplicable because the payment arose from business and not from an isolated non-business source. The insurance character of the payment did not alter its taxable nature. Case-Laws Income Tax Mon, 03 Nov 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49734