https://www.taxtmi.com/caselaws?id=62428 The Tribunal allowed the assessee's appeal, permitting the deduction of Rs. 50,926 as a business loss due to theft, emphasizing the validity of the method used to determine the loss amount. The Tribunal rejected the argument that receiving Rs. 10,000 from an ex-employee reduced the loss, stating recovery efforts do not impact the actual loss incurred. The decision underscored the necessity of accurately quantifying losses and upheld the legitimacy of the claimed deduction, affirming it as a genuine business loss in the ordinary course of business. en-us Tue, 19 Jul 1977 00:00:00 +0530 Wed, 19 Jan 2011 17:55:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62428 The Tribunal allowed the assessee's appeal, permitting the deduction of Rs. 50,926 as a business loss due to theft, emphasizing the validity of the method used to determine the loss amount. The Tribunal rejected the argument that receiving Rs. 10,000 from an ex-employee reduced the loss, stating recovery efforts do not impact the actual loss incurred. The decision underscored the necessity of accurately quantifying losses and upheld the legitimacy of the claimed deduction, affirming it as a genuine business loss in the ordinary course of business. Case-Laws Income Tax Tue, 19 Jul 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62428