Forgot password
New User/ Regiser
⇒ Register to get Live Demo
1988 (3) TMI 54 - MADRAS HIGH COURT
Extract:
.......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.