18 September 2012
is the insurance claim received by way of damage to stock taxable under Income under other sources or is it under Profit and Gains from Business, where the assessee is a pvt ltd company?
18 September 2012
Generally, it is not possible that you gain from insurance amount. As insurance companies pay lesser compensation than the loss, in most of the cases. But if one receives more amount from insurance company than the actual loss, it is charged under PGBP.
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