https://www.taxtmi.com/caselaws?id=7202 A loss caused by theft of business funds was treated as an allowable deduction in computing business income because the money had been withdrawn for day-to-day business needs, kept in the factory safe-room for business disbursements, and not mixed with private funds. On those facts, the funds had entered the business stream, and their safekeeping formed part of the business operation; the risk of theft at that stage was incidental to carrying on the business. The loss was therefore deductible as a business loss under ordinary commercial principles, and the question was answered in favour of the assessee. en-us Mon, 18 Dec 1967 00:00:00 +0530 Thu, 12 Feb 2009 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7202 A loss caused by theft of business funds was treated as an allowable deduction in computing business income because the money had been withdrawn for day-to-day business needs, kept in the factory safe-room for business disbursements, and not mixed with private funds. On those facts, the funds had entered the business stream, and their safekeeping formed part of the business operation; the risk of theft at that stage was incidental to carrying on the business. The loss was therefore deductible as a business loss under ordinary commercial principles, and the question was answered in favour of the assessee. Case-Laws Income Tax Mon, 18 Dec 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7202