Loss due to fire
This query is : Resolved
Querist : Anonymous
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
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
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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