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Commissioner Of Income Tax vs Needle Industries (India) Ltd. on 22 July, 1999 cites

Commissioner Of Income Tax, Culcutta vs Karam Chand Thapar & Bros. (P) Ltd on 14 February, 1989

6. The counsel relied on the decision of the Supreme Court in the case of CIT v. Karam Chand Thapar & Bros. (P.) Ltd (1989) 176 ITR 535/43 Taxman 45, wherein the Court observed that the Tribunal is a final factfinding body and that the questions whether a particular loss is a trading loss or a capital loss and whether the loss is genuine or bogus are primarily questions to be determined on the appreciation of facts.
Supreme Court of India Cites 4 - Cited by 205 - M H Kania - Full Document

The Oriental Investment Co., Ltd vs The Commissioner Of Income-Tax,Bombay on 22 May, 1957

7. The learned counsel for the assessee also submitted that the assessee is free to employ his own method of keeping accounts. The counsel referred us to the decision of the Supreme Court in the case of Investment Ltd. v. CIT(1970) 77 ITR 533 wherein the Court, inter alia, held that a method of accounting adopted by the assessee may be discarded only if in the opinion of the departmental authorities income of the trade cannot be properly deduced therefrom. The Court also held that a method of accounting adopted by the trader consistently and regularly cannot be discarded by the departmental authorities on the view that he should have adopted a different method of keeping account or of valuation. The counsel submitted that it was open to the assessee to choose the method of accounting and that the method not having been questioned by the revenue in the past, it was not open to the revenue now to contend that the method of accounting is incorrect or improper.
Supreme Court of India Cites 9 - Cited by 161 - J L Kapur - Full Document

P. H. Divecha And Another vs Commissioner Of Income-Tax,Bombay I on 11 December, 1962

"A fire broke out at the factory premises in April 1967. Apart from the amount of Rs. 76,600 received towards building and furniture and credited to these amounts (in fixed assets schedule) the amount receivable from the insurers (on account of stores and stocks) was Rs. 11, 17,2 7 1. Out of this Rs. 10,07,997 was accounted for by crediting 'raw materials' and 'stores and spare parts' accounts and the balance Rs. 1,09,274 was credited to insurance claims accounts.' 15A. The amount received from the insurer has been described by the directors as amount receivable on accounting stores and stocks. As observed by the Apex Court in the case of P.H. Divecha (supra), it is the true character and quality of the receipt that is to be determined for the purpose of ascertaining its exigibility to tax. There can be no doubt that the amount which the assessee received from the insurer was not on account of loss of any capital assets and, therefore, the amount received from the insurer is not an amount which is required to be excluded from the field of income from business.
Supreme Court of India Cites 13 - Cited by 73 - M Hidayatullah - Full Document

Continental Construction Ltd vs Commissioner Of Income-Tax, Central-1 on 15 January, 1992

9. It was further submitted by the counsel that the amount received by the insurer under a fire insurance policy is only compensation and would not constitute income in the case of the insurer who is only being indemnified for the loss suffered on account of the fire. The counsel in this context invited our attention to the decision of the Apex Court in the case of Vania Silk Mills (P.) Ltd. v. CIT (1991) 191 ITR 647/59 Taxman 3, wherein the Apex Court while examining the question whether the money received towards insurance claim on account of damage to or destruction of the capital asset is received on account of the transfer of the assets within the meaning of section 45 of the Act, and, therefore, is chargeable to capital gains tax, observed that the money received under the insurance policy where the insurance is against destruction or loss of property is by way of indemnity or compensation for the loss or destruction of the property.
Supreme Court of India Cites 41 - Cited by 2319 - Full Document

The Commissioner Of Income-Tax, Madras vs Kasturi And Sons Ltd on 17 March, 1999

10. The counsel also referred to the decision of the Supreme Court in the case of CIT v. Kasturi & Sons Ltd. (1999) 237 ITR 24/103 Taxman 342, wherein it was held that where after the destruction of goods covered by fire insurance policy the insured exercised option of replacing the goods, there was no payment of money or money worth to the insurer and the insurer cannot be regarded as having received taxable amount on account of the market value of the replaced goods on the date of replacement, being higher than the amount at which the goods had been valued on the date of the loss.
Supreme Court of India Cites 17 - Cited by 68 - Full Document

Raghuvanshi Mills, Ltd vs Commissioner Of Income-Tax, Bombay on 7 December, 1960

In the case of Raghuvanshi Mills Ltd, v. CIT (1952) 22 ITR 484, the Supreme Court observed that no attempt had been made in the Indian Income Tax Act, 1922 to define income'except to say in section 2(6c) that it includes certain things which would possibly not have been regarded as income but for the special definition. The Court further held that that does not, however, limit the generality of its natural meaning except as qualified in the section itself. The Court in that case was concerned with the taxability of money received under a fire insurance policy by an assessee which was engaged in the business. The following observations of the Court in that case are apposite, in this context.
Supreme Court of India Cites 9 - Cited by 79 - M Hidayatullah - Full Document
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