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

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