Loss from fire- Can Assessee claim the expense in the Year in which his claim for loss been rejected?

RELEVANT PARAGRAPHS:

In the facts and circumstances of this case, the determining of date when the loss was incurred will have to be derived from the admitted facts. It is not a matter of dispute that the fire which resulted in destruction of the stock of the applicant-assessee took place on 26.3.1978. The aforesaid fire destroyed the stock/goods of the applicant-assessee lying with the PSWC. Despite the destruction of the stock/goods during the financial year 1977-78 (assessment year 1978-79), the applicant-assessee c

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