Allowability of business loss - the embezzlement by one of the ...

Case Laws Income Tax

July 25, 2019

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 business loss, irrespective of criminal prosecution of the accused director/employee - subsequent recovery if, any, would not determine the claim of the Assessee in the present year writing off the same as a business loss

View Source

← Previous Next →

Allowability of business loss - the embezzlement by one of the ...

Case Laws Income Tax

July 25, 2019

You may also like:

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

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

Claim of expenses / loss towards misappropriation of funds by the director - misuse of the authority by the director of the company - the aforesaid loss has incurred in...

Expenditure incurred by subsidiary company for overseeing and executing contracts entered by parent company cannot be considered as business loss of subsidiary....

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...

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...

The embezzled cash by an employee of the assessee in the course of business activity has to be allowed as business loss. - AT

Loss on sale of land - ‘Business Loss’ or ‘Capital Loss’ - The present land transaction may be the first transaction of the assessee firm but the sister concern of the...

Treatment to loss - set-off of loss - As per guidelines issued by the RBI, every NBFC is required to maintain liquid assets including investment in shares, stocks,...

Allowability of business loss - Advance given for supply of refractory materials in the normal course of its business of trading and manufacturing of refractories and...

Treatment of business loss as speculation loss - while the assessee incurred losses in derivative segment (F&O business), it has earned profits in cash segment i.e. on...

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 -...

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

Disallowing the business advances written off - Trading loss u/s 28 - claim of assessee to be considered u/s. 28 or section 37 - In the present facts of the case, there...

Disallowance on provision of loss on derivative contracts - The loss sustained by the assessee due to fluctuation in foreign exchange while implementing export contract...

Quick Updates: