Loss due to robbery of gold ornaments is allowable as a ...

Gold Ornaments Robbery Loss Deductible for Business.

Case Laws Income Tax

September 6, 2024

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 loss based on newspaper reports instead of the books of account. The loss from embezzlement, theft, or robbery is deductible if it has a proximate connection to the business. The assessee submitted police reports, FIR, and newspaper clippings as evidence of the robbery. The revenue's argument that no quantitative details were provided in the FIR is not acceptable. The assessee's appeal is allowed, and the loss suffered due to robbery is allowed as a deduction.

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Loss due to robbery of gold ornaments is allowable as a ...

Gold Ornaments Robbery Loss Deductible for Business.

Case Laws Income Tax

September 6, 2024

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