https://www.taxtmi.com/caselaws?id=168784 Robbery loss of cash carried to a purchasing centre for payment to cane growers was treated as deductible in computing taxable income because the despatch of cash was an essential incident of the assessee's business under the Bihar Sugar Factories Control Act, 1937 and Rules, 1938. The expression "profits and gains" in section 10(1) of the Income-tax Act, 1922 was construed in a commercial sense, so deductions necessary to determine real business profit were not confined to the specific items listed in section 10(2). The earlier departmental authority was distinguished as not creating an absolute bar to deduction of theft losses. The loss was therefore allowed as a business deduction. en-us Thu, 24 Mar 1955 00:00:00 +0530 Thu, 26 Mar 2015 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168784 Robbery loss of cash carried to a purchasing centre for payment to cane growers was treated as deductible in computing taxable income because the despatch of cash was an essential incident of the assessee's business under the Bihar Sugar Factories Control Act, 1937 and Rules, 1938. The expression "profits and gains" in section 10(1) of the Income-tax Act, 1922 was construed in a commercial sense, so deductions necessary to determine real business profit were not confined to the specific items listed in section 10(2). The earlier departmental authority was distinguished as not creating an absolute bar to deduction of theft losses. The loss was therefore allowed as a business deduction. Case-Laws Income Tax Thu, 24 Mar 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168784