https://www.taxtmi.com/caselaws?id=78664 The case addressed the allowability of a loss incurred due to embezzlement in the assessment year 1982-83. The Assessing Officer initially disallowed the claim, but the Commissioner (Appeal) and Tribunal found the loss allowable as it was connected to handling business funds. The Tribunal ruled in favor of the revenue, stating the assessee failed to prove the impossibility of recovery, as recovery efforts were still possible. The judgment emphasized the necessity of demonstrating the impossibility of recovery before claiming such losses, as per the Supreme Court precedent cited. en-us Wed, 01 Sep 2010 00:00:00 +0530 Tue, 07 Dec 2010 21:22:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78664 The case addressed the allowability of a loss incurred due to embezzlement in the assessment year 1982-83. The Assessing Officer initially disallowed the claim, but the Commissioner (Appeal) and Tribunal found the loss allowable as it was connected to handling business funds. The Tribunal ruled in favor of the revenue, stating the assessee failed to prove the impossibility of recovery, as recovery efforts were still possible. The judgment emphasized the necessity of demonstrating the impossibility of recovery before claiming such losses, as per the Supreme Court precedent cited. Case-Laws Income Tax Wed, 01 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78664