https://www.taxtmi.com/caselaws?id=169547 A cash loss caused by snatching from an employee en route to bank deposit was held not deductible as a trading loss under section 10(1) of the Income-tax Act, 1922 because the assessee failed to show a direct and necessary connection between the loss and the conduct of its business. A mere business connection was insufficient; the loss had to spring directly from business operations and be incidental to them. On the facts, taking cash to the bank and the attendant risk of theft by an outsider was not proved to be an inseparable part of the business activity. The reference was answered in the negative, in favour of the Revenue. en-us Wed, 03 Jan 1962 00:00:00 +0530 Sat, 25 Apr 2015 13:08:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169547 A cash loss caused by snatching from an employee en route to bank deposit was held not deductible as a trading loss under section 10(1) of the Income-tax Act, 1922 because the assessee failed to show a direct and necessary connection between the loss and the conduct of its business. A mere business connection was insufficient; the loss had to spring directly from business operations and be incidental to them. On the facts, taking cash to the bank and the attendant risk of theft by an outsider was not proved to be an inseparable part of the business activity. The reference was answered in the negative, in favour of the Revenue. Case-Laws Income Tax Wed, 03 Jan 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169547