Loss of asset by theft

1. From IT angle whatever the amount you have claimed from Insurance will be considered as sale consideration as per sec 45(1A).  
2. Any gain or loss will be taxable as capital gains.    
3. In case of depreciable asset sale consideration will be put in deduction and if it is the only block of asset then the difference will be charged to tax under sec 45(1A). Or if the sale consideration exceeds the WDV then it will be taxable too. 
Please correct me if the above solution has an alternative view.