Fire Loss allowable despite non approval of claim by Insurance Companies

Nishant Krishna Vs JCIT (ITAT Patna) Introduction: The Income Tax Appellate Tribunal (ITAT), Patna, in the case of Nishant Krishna Vs JCIT, highlighted a pivotal issue pertaining to insurance claims due to fire loss. The ITAT held that these claims cannot be disallowed, favoring Nishant Krishna, the assessee. Analysis: The case centered on the disallowance of Rs.4,86,699/- on account of loss by fire, claimed by the assessee from the insurance company. The ITAT noted that there was no dispute regarding the fire incident at the assessee’s business premises, and the subsequent claim made to...