https://www.taxtmi.com/caselaws?id=58380 The appeal centered on the taxability of compensation for damaged machinery under section 41(2) of the Income-tax Act, 1961. The court found discrepancies in the treatment of the machinery, concluding it was destroyed, not partially damaged. The substantial compensation supported this finding. The court held that the difference between the original cost and written down value of the machinery was includable as a balancing charge. The case was dismissed pending verification of a specific item claimed by the assessee, with directions for further assessment by the Income Tax Officer. en-us Fri, 30 Jan 1987 00:00:00 +0530 Sat, 18 Dec 2010 17:09:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58380 The appeal centered on the taxability of compensation for damaged machinery under section 41(2) of the Income-tax Act, 1961. The court found discrepancies in the treatment of the machinery, concluding it was destroyed, not partially damaged. The substantial compensation supported this finding. The court held that the difference between the original cost and written down value of the machinery was includable as a balancing charge. The case was dismissed pending verification of a specific item claimed by the assessee, with directions for further assessment by the Income Tax Officer. Case-Laws Income Tax Fri, 30 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58380