Insurance claim - There was neither any insurance claim received ...

Insurance Claim Not Added to Profit and Loss Account Due to Settlement in Following Year.

April 5, 2013

Case Laws Income Tax HC

Insurance claim - There was neither any insurance claim received nor was any claim for damage debited to the profit and loss account and the claim having been settled in the subsequent financial year - no addition - HC

View Source

← Previous Next →

Insurance claim - There was neither any insurance claim received ...

Insurance Claim Not Added to Profit and Loss Account Due to Settlement in Following Year.

April 5, 2013

Case Laws Income Tax HC

You may also like:

Addition on account of insurance claim - ascertaining actual loss of stock in fire - we fail to understand as to why and how the assessee has written off partial claim...

Claim of Refund and Interest on Refund - Unjust enrichment - amount claimed as refund was not charged to the profit and loss account but retained in 'receivables'...

Computation of book profit u/s. 115JB of the Act by excluding prior period item - difference in net profit/loss taken by the assessee and the AO on account of provision...

MAT - AO had committed an error in redrawing the profit and loss account by making changes by adding depreciation debited to profit and loss account by the assessee,...

Addition u/s 43B - Method of accounting - unpaid statutory dues of service tax, Excise and PF by changing the method of accounting - The assessee followed the exclusive...

MAT computation u/s 115JB - In this case, the assessee had incurred business loss / depreciation losses as per books in the AYs 1999-00 & 2000-01 & AYs 2011-12 & 2012-13...

Capital loss on account of destruction of capital assets where insurance claim is filed - Asset/ building destroyed in an earthquake - Taxable Year - For year in which...

MAT computation u/s 115JB - Adjustment of resultant gains / losses of the amalgamation - Accumulated loss - cancellation of shares - Share Capital was reduced with a...

Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction...

Disallowance u/s 80IA/80IB - There is no requirement u/s 80IA(5) of the Act to adjust profits derived from the eligible units against the losses that stand absorbed...

Addition u/s 43B - non deposit of GST before the due date of filing of return of income under section 139(1) - the contention of the assessee that it has not claimed any...

Determination of income u/s 44 - Taxing the income arising on account of shareholders profits - where the assessee company was engaged only in life insurance business...

Disallowance on account of foreign exchange fluctuation loss - It is an undisputed fact that for the assessment year 2012-13, 2013-14 and 2016-17, the assessee declared...

MAT computation - Disallowances on account of loss on revaluation of fixed assets - The expression 'income defined under Section 2(24) of the Act does not include such...

The ITAT addressed a case involving a change in accounting policy from Percentage of Completion Method (POCM) to Project Completion Method (PCM) for revenue recognition....

Quick Updates: