Bombay High Court Examines Taxability of Insurance Claim for Dead Horses under Section 41(1) of Income Tax Act, 1961. Revenue Treated Insurance Receipts as Deemed Profits While Assessee Contended They Were Capital Receipts Not Taxable as Business Income.
9 Jul 2025The dispute arose from income tax appeals filed by an assessee engaged in the business of breeding, rearing, and selling racehorses since 1967. The as...
