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Loss due to fire

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 May 2017 Dear Experts,
in our factory there has been fire tragedy wherein one of our customer raw materials has been damaged which was brought in our factory for job work. the raw materials cost was was 4 Lakh Hence we have settled this matter by paying Rs. 3 Lakh to our customer. pls clarify.... can we avail the deduction of 3 Lakh in income tax,

Thanks
Anuj Jain
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CA. Sunil Gokhale

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CA. Sunil Gokhale (Expert)
04 May 2017 Yes you can claim it as a loss in the course of business under Sec 37(1)
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