Supreme Court of Puerto Rico March 1, 1965, No. R-63-231 (Proctor Manufacturing Corp. v. Secretary of the Treasury)

Mr. Justice Ramírez Bages

delivered the opinion of the Court.

The taxpayer, Proctor Manufacturing Corporation, contends that payments received under a “use and occupancy” *807policy as reimbursement for benefits lost during several weeks in which the taxpayer, as the result of a fire in its factory, was compelled to curtail operations are not taxable income because they are exempt benefits under