Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
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.
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
