purchase bills, has been
allowed by us. While assessing the loss, average clause has been applied, and
appropriate salvage value has been deducted. The detail ... Loss assessed 45,53,077
Applying average clause 4553077 x 6377000 41,78,767
6948215
Loss adjusted 41,78,767
In view of the above
LOSS ASSESSMENT
The
loss is summarised as below:
Particulars
Loss Allowed
Average Clause
Dead Stock
Factor 5%
NET LOSS
ASSESSED
STOCKS
Building
& Electrical Fittings
also that Rs. 28,930 deducted by the Insurers towards average adjuster clause is also not maintainable.
5. As far as the question of deduction ... charges for 'average adjuster' is concerned, this is found as per law under the average clause relating to shipping /shipment matters
explained in Clause (i) of the Explanation. Clause (b) of the section speaks of amount equal to the average head office expenditure and the expression ... such possibility which is spelt out in Clause (b) is the average of head office expenses allowed in the years
would be gone into after the completion of reinstatement.
Thus, the reinstatement clause has been invoked. That what the insurer paid to the assessee ... quantified subject to the amount of policy and the application of average clause on such policy.
Therefore, applying the ratio laid down by the Madras
Matrix Laboratories Limited, ... vs Assessee on 25 May, 2012
IN THE INCOME TAX APPELLATE TRIBUNAL
Rules to provide the method of computation of aggregate average advances
for the purposes of clause (viia) of sub-section (1) of Section ... time, which is reproduced hereunder:
"[Computation of aggregate average advances for the purposes of clause (viia) of
sub-section (1) of section 36 .
6ABA
along with plant and machinery. The application of average clause on
CC1772/2018 Page 23 of 27
the ground of overvaluation of policy ... reducing the assessment of claim
amount by applying average clause, is misplaced and erroneous. The
Surveyor could have only validly deducted the amount
along with plant and machinery. The application of average clause on
CC1772/2018 Page 23 of 27
the ground of overvaluation of policy ... reducing the assessment of claim
amount by applying average clause, is misplaced and erroneous. The
Surveyor could have only validly deducted the amount
Value at Risk :Rs.803269.15
Average Clause Nil
21.0 ASSESSMENT OF LOSS:
Gross Dead Stock & Salvage Value Average Net Loss
Loss Slow Moving
