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1999 (3) TMI 6 - SC - Income Tax
Respondent have business of publishing a newspaper, purchased a aircraft for the purpose of quicker transport of the newspaper - aircraft met with an accident - insurer purchased a similar aircraft made it available to the respondent in the place of the damaged one - Such exercise of option by insurer could only be after the occurrence of the accident and not at any time earlier - hence the expression "money payable" in s. 41(2) will not apply - profit not assessable u/s 41(2)