Insurance claim less received
This query is : Resolved
GARIMA MADAN
(Querist)
01 September 2011
In Previous Year 2009-10,on theft of stock of an assessee, insurance claim was shown as receivable in books and stock was reduced by the cost of goods so stolen. In P/Y 10-11, actual claim so recd is less than the amount being shown as receivable. What is the treatment of balance insurance claim which will never be recd ?
CA Navin Jain
(Expert)
01 September 2011
balance amount transfer to profit and loss account
GARIMA MADAN
(Querist)
01 September 2011
if trfd to P & L , then wil it b allowable for tax purposes ?
CA Navin Jain
(Expert)
01 September 2011
yes will be allowable for tax purpose
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