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1988 (3) TMI 54 - HC - Income TaxExtract: .......ion 48 of the Income-tax Act, 1961, when the boat sank in the sea. Further, the insurance amount received by the assessee cannot, in our view, be considered as consideration . Accordingly, we answer the reference in the affirmative and in favour of the assessee. The Revenue is directed to pay the costs of the assessee. Costs are fixed at Rs. 1,000.
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