https://www.taxtmi.com/caselaws?id=192355 Cash kept for use in a money-lending business was treated as part of the business stock-in-trade, and profits were required to be computed on ordinary commercial principles. A theft loss is deductible when it is a commercial loss incidental to the trade rather than a capital loss. On the stated facts, the cash taken from the strong-room was regarded as a loss arising out of and incidental to the conduct of the business, so the amount was allowable in computing taxable profits. The commentary also records a concurring view that the theft loss was incidental to the money-lending business and therefore deductible. en-us Thu, 01 May 1930 00:00:00 +0530 Fri, 26 May 2017 14:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192355 Cash kept for use in a money-lending business was treated as part of the business stock-in-trade, and profits were required to be computed on ordinary commercial principles. A theft loss is deductible when it is a commercial loss incidental to the trade rather than a capital loss. On the stated facts, the cash taken from the strong-room was regarded as a loss arising out of and incidental to the conduct of the business, so the amount was allowable in computing taxable profits. The commentary also records a concurring view that the theft loss was incidental to the money-lending business and therefore deductible. Case-Laws Income Tax Thu, 01 May 1930 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192355