https://www.taxtmi.com/caselaws?id=8306 The court ruled that the loss of Rs. 30,000 due to theft was not a permissible deduction as a business loss under the Income-tax Act, 1961. The court determined that the loss was of a capital nature as it occurred before the commencement of the business operation related to purchasing Government securities, which were considered capital assets. Therefore, the loss was not incidental to the business activities of the assessee and was not deductible as a business loss. The court directed the assessee to pay the costs of the reference to the Commissioner of Income-tax. en-us Thu, 04 Mar 1971 00:00:00 +0530 Thu, 09 Apr 2009 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8306 The court ruled that the loss of Rs. 30,000 due to theft was not a permissible deduction as a business loss under the Income-tax Act, 1961. The court determined that the loss was of a capital nature as it occurred before the commencement of the business operation related to purchasing Government securities, which were considered capital assets. Therefore, the loss was not incidental to the business activities of the assessee and was not deductible as a business loss. The court directed the assessee to pay the costs of the reference to the Commissioner of Income-tax. Case-Laws Income Tax Thu, 04 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8306