Receiving payment as a compensation

A crane given on hire. Since the crane is under repair, not raising invoice for the crane hire and not receiving income for the hired crane. It is still with the party taken hire.

An amount received from the party taken the cane on hire, a compensation of 3 lacs.

How to account this receipt.Whether we have to raise invoice for the crane given on hire ? Any Statutory implications ?

Please guide for all the 3 queries