https://www.taxtmi.com/caselaws?id=7031 A loss from stolen business money is deductible only when the loss becomes complete, meaning recovery is no longer possible or has become remote and the assessee has a real consciousness of loss. On the facts, part of the cash was recovered on the day of theft and the balance could still reasonably be expected to be traced during investigation, so the loss was treated as arising after 1 April 1960 and therefore fell in assessment year 1961-62. The money had been entrusted to honour a business hundi, establishing a direct business nexus and characterising the unrecovered amount as a business loss. The deduction was therefore admissible. en-us Wed, 01 Mar 1967 00:00:00 +0530 Sun, 08 Feb 2009 09:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7031 A loss from stolen business money is deductible only when the loss becomes complete, meaning recovery is no longer possible or has become remote and the assessee has a real consciousness of loss. On the facts, part of the cash was recovered on the day of theft and the balance could still reasonably be expected to be traced during investigation, so the loss was treated as arising after 1 April 1960 and therefore fell in assessment year 1961-62. The money had been entrusted to honour a business hundi, establishing a direct business nexus and characterising the unrecovered amount as a business loss. The deduction was therefore admissible. Case-Laws Income Tax Wed, 01 Mar 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7031