https://www.taxtmi.com/caselaws?id=204414 The Tribunal dismissed the appeal and upheld the disallowance of the business loss deduction due to embezzlement. The decision emphasized the contingent nature of the liability, stating that no loss had materialized for the assessee until payment to the affected party. The Tribunal ruled that the claim was premature as it did not directly impact the assessee's financial position, highlighting the need for the crystallization of losses for deductibility under the Income-tax Act, 1961. en-us Tue, 11 Aug 2009 00:00:00 +0530 Thu, 30 May 2013 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204414 The Tribunal dismissed the appeal and upheld the disallowance of the business loss deduction due to embezzlement. The decision emphasized the contingent nature of the liability, stating that no loss had materialized for the assessee until payment to the affected party. The Tribunal ruled that the claim was premature as it did not directly impact the assessee's financial position, highlighting the need for the crystallization of losses for deductibility under the Income-tax Act, 1961. Case-Laws Income Tax Tue, 11 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204414