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I.T.A. NO.4293/LB OF 2003, DECIDED ON 8TH JUNE, 2005. versus I.T.A. NO.4293/LB OF 2003, DECIDED ON 8TH JUNE, 2005.

Section 23 (1) (x) and 25 (a) deductions for loss of stock due to fire due to partial compensation received by the insurance company will not allow the loss of fire from insured stock The offer of tax in accordance with the provisions of Section 25 (a) of the Income Tax Ordinance, even though there was no anticipation of recovery from the insurance company with the fire and if there was any compensation received or recovered thereafter. Can be , 1979 The loss suffered due to the destruction of stock by fire was a allowable expense when it was not possible to recover the claim by the insurance company after partial payment, in the event of claim recovery in the future. The provisions may be taxed in the year of receipt. The claim amount of section 25 (a) of the Income Tax Ordinance, 1979, which was not accepted by the insurance company, will be written off and in the future if it is fully recovered, y or partially, the year in which it is recovered. Was done will be included in it law websites from Nowshera Cantt lawyer