THE COMMISSIONER OF INCOME-TAX, MADRAS vs KASTURI AND SONS LTD.

The Supreme Court examined the applicability of Section 41(2) of the Income-tax Act in the context of an insurance claim for a damaged aircraft. The Court held that the term 'money payable' under Section 41(2) includes amounts received from an insurance company, even when the insurer opts to replace the aircraft instead of paying cash. The Court affirmed the decision of the Appellate Assistant Commissioner, thereby upholding the reassessment of the respondent's income based on the difference between the original cost and the written down value of the aircraft.