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TMI Blog2018 (1) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... ble security deposit has not been lost. In such circumstances, the business loss claimed by the assessee cannot be allowed in the impugned assessment year. It can only be allowed in that assessment year when the assessee finally fails to recover the said amount. Moreover, it is not a bad debt as it does not fulfill the requisite conditions prescribed u/s. 36(2). Direct the AO to allow the claim of assessee only in that year for which the assessee finally loses the hope of its recovery of the said amount. Deduction in respect of cash theft - Held that:- The assessee could not furnish any evidence either before the lower authorities or before me. He has only submitted that there was a cash theft for which information was given to the Polic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the time of hearing, the appellant prays that the order passed by the learned CIT(A) be quashed or in the alternative, the aforesaid grounds and the relief prayed for thereunder be allowed. The appellant submits that each of the above grounds/ subgrounds are independent and without prejudice to one another. The appellant craves leave to add, alter, vary, omit, substitute or amend the above grounds of appeal, at any time before or at, the time of hearing, of the appeal, so as to enable the Income-tax Appellate Tribunal to decide the appeal according to law. The appellant prays accordingly. 2. With regard to ground No.2, the ld. Counsel for the assessee has contended that he has given rent advance of ₹ 11,70,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the assessee cannot be allowed in the impugned assessment year. It can only be allowed in that assessment year when the assessee finally fails to recover the said amount. Moreover, it is not a bad debt as it does not fulfil the requisite conditions prescribed u/s. 36(2) of the Act. Therefore, I find no merit in the claim of assessee and accordingly I confirm the order of the CIT(Appeals). However, I direct the AO to allow the claim of assessee only in that year for which the assessee finally loses the hope of its recovery of the said amount. 6. Apropos ground No.2, the assessee has claimed the deduction in respect of cash theft of ₹ 2,38,858, but in this regard the assessee could not furnish any evidence either before the low ..... X X X X Extracts X X X X X X X X Extracts X X X X
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