Capital Loss from Destroyed Assets Recognized in Tax Year of Insurance Claim Denial, Impacting Taxable Year.

Capital loss on account of destruction of capital assets where insurance claim is filed - Asset/ building destroyed in an earthquake - Taxable Year - For year in which the capital gain/loss is to be deemed to relate to as per the section we hold that it pertains to the year in which the claim of the assessee was initially rejected by the insurance company. - AT .....

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