https://www.taxtmi.com/caselaws?id=190879 A loss caused by alleged fraud or negligence of employees and a contractor may be deductible as a business loss if it is non-capital, arises directly from the carrying on of the business, and is incidental to it. The deduction depends on whether the amount is not recoverable from the persons responsible; recovery efforts must have been made and failed, or be shown to have been futile because of their financial position. On the existing findings, the record was insufficient to decide the point conclusively, so further factual findings were required before the deduction question could be answered. en-us Tue, 06 Jul 1965 00:00:00 +0530 Tue, 07 Mar 2017 17:59:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190879 A loss caused by alleged fraud or negligence of employees and a contractor may be deductible as a business loss if it is non-capital, arises directly from the carrying on of the business, and is incidental to it. The deduction depends on whether the amount is not recoverable from the persons responsible; recovery efforts must have been made and failed, or be shown to have been futile because of their financial position. On the existing findings, the record was insufficient to decide the point conclusively, so further factual findings were required before the deduction question could be answered. Case-Laws Income Tax Tue, 06 Jul 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190879