https://www.taxtmi.com/caselaws?id=169545 A theft loss is deductible only where the money stolen is proved to be stock-in-trade and the loss is incidental to the ordinary course of business. The cash taken from the assessee's shop was not shown to be stock-in-trade of the money-lending business and was treated as capital, and the theft occurred after business hours rather than in the conduct of trading operations. A claim that the amount was expenditure wholly and exclusively for business purposes also failed. The loss was therefore not allowable as either a trading loss or business expenditure. en-us Mon, 06 Dec 1948 00:00:00 +0530 Sat, 25 Apr 2015 12:55:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169545 A theft loss is deductible only where the money stolen is proved to be stock-in-trade and the loss is incidental to the ordinary course of business. The cash taken from the assessee's shop was not shown to be stock-in-trade of the money-lending business and was treated as capital, and the theft occurred after business hours rather than in the conduct of trading operations. A claim that the amount was expenditure wholly and exclusively for business purposes also failed. The loss was therefore not allowable as either a trading loss or business expenditure. Case-Laws Income Tax Mon, 06 Dec 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169545