https://www.taxtmi.com/caselaws?id=66256 The Income Tax Appellate Tribunal (ITAT) allowed the appeal in favor of the assessee, permitting the deduction of the loss on account of theft from the assessee's income. The ITAT relied on the principles established by the Supreme Court in a prior case, determining that the stolen amount was essential for the assessee's business operations. Despite the theft occurring on the business premises while the assessee was present, the ITAT concluded that the loss was legitimate and should be deductible, emphasizing the necessity of the funds for the assessee's business activities. en-us Thu, 25 Mar 1976 00:00:00 +0530 Wed, 23 Feb 2011 12:06:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66256 The Income Tax Appellate Tribunal (ITAT) allowed the appeal in favor of the assessee, permitting the deduction of the loss on account of theft from the assessee's income. The ITAT relied on the principles established by the Supreme Court in a prior case, determining that the stolen amount was essential for the assessee's business operations. Despite the theft occurring on the business premises while the assessee was present, the ITAT concluded that the loss was legitimate and should be deductible, emphasizing the necessity of the funds for the assessee's business activities. Case-Laws Income Tax Thu, 25 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66256