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2024 (1) TMI 66 - DELHI HIGH COURTAdditions against loss claimed due to goods being damaged/destroyed by fire - whether the loss incurred by assessee due to fire was an ascertained liability? - whether the respondent/assessee was entitled to claim the entire amount although the claim was not settled by the concerned insurance company and therefore, the amount received would be taxable u/s 41(1)? HELD THAT:- None of the proposed questions were directed towards the fire incident or to that issue had not been decided. A perusal of the impugned order passed by the Tribunal discloses that the departmental representative did not make any submission in that regard. Given this position, we are of the view that since the findings of fact have been returned by the Tribunal that what was destroyed in the fire were goods in which the respondent/assessee was trading, the loss suffered was a revenue loss and hence deductible. Tribunal, therefore, came to a correct conclusion that the addition made by the AO was not sustainable. No substantial question of law arises for our consideration.
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