Insurance spare consumption to be treated as revenue in nature.

Last updated: 23 February 2021
Quick Summary
This Income Tax Appellate Tribunal ruling addresses whether insurance spare consumption should be classified as revenue or capital expenditure. The case involves cross-appeals from both the assessee, NLC India Ltd., and the Revenue for the assessment years 2013-14 and 2014-15. The tribunal considered identical issues and facts in its consolidated order.

Court :
ITAT Chennai

Brief :
These cross appeals filed by the assessee, as well as the Revenue are directed against separate, but identical orders ofthe Commissioner of Income Tax (Appeals)-5, Chennai both dated 27.12.2017 and pertain to assessment years 2013-14 & 2014-15. Since, facts are identical and issues are common, for the sake of convenience these appeals are heard together and are being disposed of by this consolidated order.

Citation :
ITA 869/CHNY/2018

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