https://www.taxtmi.com/caselaws?id=7812 A loss is deductible as a business loss where it is incidental to the conduct of the trade and bears a direct nexus with business operations. Cash withdrawn for business disbursements and stolen while being carried in the course of a return journey was treated as sufficiently connected to the business, so the theft loss qualified for deduction. The court also rejected the attempt to dispute the factual basis of the reference because the Tribunal's statement of facts had not been challenged at the proper stage. en-us Wed, 11 Feb 1970 00:00:00 +0530 Thu, 19 Mar 2009 15:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7812 A loss is deductible as a business loss where it is incidental to the conduct of the trade and bears a direct nexus with business operations. Cash withdrawn for business disbursements and stolen while being carried in the course of a return journey was treated as sufficiently connected to the business, so the theft loss qualified for deduction. The court also rejected the attempt to dispute the factual basis of the reference because the Tribunal's statement of facts had not been challenged at the proper stage. Case-Laws Income Tax Wed, 11 Feb 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7812