https://www.taxtmi.com/caselaws?id=71809 Fraudulent withdrawals and embezzlement in banking operations were treated as a business loss incidental to the assessee's trade, and the write-off after recovery efforts supported deduction as a trading loss or alternatively as a bad debt. Legal charges incurred to recover the diverted funds were held deductible as business expenditure because they were connected with protecting and recovering business assets. Notional interest on the disputed amount was deleted because the principal had been written off and no interest had been credited or charged, so no real accrual of income was shown. en-us Thu, 22 Dec 1988 00:00:00 +0530 Wed, 27 Apr 2011 11:51:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71809 Fraudulent withdrawals and embezzlement in banking operations were treated as a business loss incidental to the assessee's trade, and the write-off after recovery efforts supported deduction as a trading loss or alternatively as a bad debt. Legal charges incurred to recover the diverted funds were held deductible as business expenditure because they were connected with protecting and recovering business assets. Notional interest on the disputed amount was deleted because the principal had been written off and no interest had been credited or charged, so no real accrual of income was shown. Case-Laws Income Tax Thu, 22 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71809