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Insurance claim less received

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01 September 2011 In Previous Year 2009-10,on theft of stock of an assessee, insurance claim was shown as receivable in books and stock was reduced by the cost of goods so stolen. In P/Y 10-11, actual claim so recd is less than the amount being shown as receivable. What is the treatment of balance insurance claim which will never be recd ?

01 September 2011 balance amount transfer to profit and loss account

01 September 2011 if trfd to P & L , then wil it b allowable for tax purposes ?


01 September 2011 yes will be allowable for tax purpose



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