ITAT directs Re-adjudication on Addition of Insurance Claim of Rs. 2.75 Crores Taxed under Business Head [Read Order]
ITAT directs AO to reevaluate the case within six months from the receipt of the order, specifically focusing on determining the actual loss suffered due to the accidental fire.
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has directed re-adjudication on the addition of Insurance claim of Rs. 2.75 taxed under the business head. The assessee, Piramal Enterprises criticised the Commissioner of Income Tax (Appeals) [CIT (A)] for affirming the Assessing Officer’s decision to treat the insurance claim amount as…
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