Zeal and Gold Ltd. v. MNR, 73 DTC 5116, [1973] CTC 129 (FCTD) -- summary under Paragraph (c)

Although the taxpayer had not made proof of loss by the end of the taxation year in which its property was destroyed by fire, by that time one of the insurance companies had admitted liability and had made an offer to pay the full amount of the coverage. That amount accordingly became payable in that taxation year.