https://www.taxtmi.com/caselaws?id=7514 Loss of stock-in-trade is deductible as a business loss where it arises from a risk incidental to the trade and is suffered by the assessee in the character of a trader. Watches were treated as stock-in-trade because the purchase quantity showed trading intent, and the recovery-sale proceeds were regarded as business income. The theft during transit to the assessee's residence for safe keeping was part of the business operation, so the loss remained connected with the business and was allowable as a business loss under section 10 of the Income-tax Act, 1922. en-us Wed, 05 Feb 1969 00:00:00 +0530 Sat, 21 Feb 2009 19:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7514 Loss of stock-in-trade is deductible as a business loss where it arises from a risk incidental to the trade and is suffered by the assessee in the character of a trader. Watches were treated as stock-in-trade because the purchase quantity showed trading intent, and the recovery-sale proceeds were regarded as business income. The theft during transit to the assessee's residence for safe keeping was part of the business operation, so the loss remained connected with the business and was allowable as a business loss under section 10 of the Income-tax Act, 1922. Case-Laws Income Tax Wed, 05 Feb 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7514