https://www.taxtmi.com/caselaws?id=6972 The High Court ruled in favor of the firm, allowing the deduction of stolen cash as a legitimate business expense under section 10(1) of the Income-tax Act. The court found the stolen amount to be directly related to the firm's business operations, making it incidental to the business and not a capital loss. The judgment favored the assessee, critiquing the Tribunal's reliance on incorrect observations from a prior case and emphasizing the necessity of stolen cash for daily business transactions. en-us Thu, 21 Jul 1966 00:00:00 +0530 Sat, 07 Feb 2009 12:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6972 The High Court ruled in favor of the firm, allowing the deduction of stolen cash as a legitimate business expense under section 10(1) of the Income-tax Act. The court found the stolen amount to be directly related to the firm's business operations, making it incidental to the business and not a capital loss. The judgment favored the assessee, critiquing the Tribunal's reliance on incorrect observations from a prior case and emphasizing the necessity of stolen cash for daily business transactions. Case-Laws Income Tax Thu, 21 Jul 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6972