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Income Tax - Highlights / Catch Notes

Home Highlights May 2013 Year 2013 This

Loss due to embezzlement by an employee - loss on account of ...


Court Rules Employee Embezzlement as Deductible Business Loss; No Higher Court Review Needed.

May 2, 2013

Case Laws     Income Tax     HC

Loss due to embezzlement by an employee - loss on account of theft be treated as business loss - no interference reuired - - HC

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  1. Allowability of business loss - the embezzlement by one of the Directors/employee during the ordinary course of business is a pilferage of the company funds can be a...

  2. Misappropriation of funds by an employee led to the assessee claiming expenses u/s 37(1) of the Act, which were later discovered to be embezzlement. The assessee...

  3. The loss caused by embezzlement by the employee was incidental to the employment and entrustment of duty and should be allowed in computing the business income of the...

  4. Disallowance of expenditure - loss by embezzlement by employees should be treated as incidental to business and the same should be allowed as deduction in the year in...

  5. Disallowance of commodity derivative loss - speculative loss or not - Assessee is engaged in one and only business of derivative trading in different commodity exchanges...

  6. Claim of deduction against Embezzlement of funds by the employees of the assessee-society - Undisputedly, no doubt has been cast on the embezzlement of funds -...

  7. Loss incurred by the assessee on F & O (Future and Options) derivative transactions - “speculative loss” or not - disallowing the set off of the said loss against other...

  8. Loss due to robbery of gold ornaments is allowable as a deduction if it arises from carrying on business and is incidental to it. The CIT(A) erred in restricting the...

  9. Disallowance of mark to market losses - Nature of loss - allowable business loss or not? - The assessee is consistently following the method of accounting. Therefore,...

  10. Loss incurred by the assessee in purchase and sale of shares - Whether a business loss or speculation loss? - In case, the assessee has earned profit from share trading...

  11. Nature of loss - capital loss or business loss - company in liquidation - assesssee claimed the same as business loss - Tribunal allowed the same as capital loss -...

  12. Losses incurred by the assessee from F & O operations - Speculation loss or business loss - Loss incurred on account of derivatives would be deemed business loss under...

  13. Forex loss - allowable business loss u/s 37(1) or not? - The assessee company has entered into transactions of buying and selling of forex and incurred a loss on the...

  14. The case revolves around determining whether an employee qualifies as a "workman" u/s 2(s) of the Industrial Disputes Act, 1947, which would entitle them to certain...

  15. Disallowance of bad debt/forfeiture of advance - If there is direct and proximate nexus between the business operation and the loss, or it is incidental to it, then the...

 

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