Supreme Court Dismisses Revenue Appeal in Income Tax Case on Insurance Compensation; Holds 'Received' in Fourth Proviso to Section 10(2)(vii) Means Actual Receipt, Not Receivable. Insurance money received after the accounting year for destroyed building and machinery is not taxable in the assessment year 1949-50 despite mercantile accounting....
The dispute arose from an income tax assessment for the assessment year 1949-50 regarding the taxability of insurance compensation received for assets destroyed by fire. The Revenue, as appellant, cha...
