https://www.taxtmi.com/caselaws?id=8690 Loss by theft of cash kept in business premises can be deductible as a trading loss if, on accepted commercial principles, it arises directly from the carrying on of the business and is incidental to it, even though it is not specifically listed among express deductions and even if the theft occurs outside business hours. Where holding cash at the premises is necessary for business operations and the theft is connected with that business use, the requisite nexus is established. On those facts, the theft loss was allowed as an admissible charge against the income of the previous year. en-us Thu, 06 Apr 1972 00:00:00 +0530 Tue, 02 Jun 2009 19:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8690 Loss by theft of cash kept in business premises can be deductible as a trading loss if, on accepted commercial principles, it arises directly from the carrying on of the business and is incidental to it, even though it is not specifically listed among express deductions and even if the theft occurs outside business hours. Where holding cash at the premises is necessary for business operations and the theft is connected with that business use, the requisite nexus is established. On those facts, the theft loss was allowed as an admissible charge against the income of the previous year. Case-Laws Income Tax Thu, 06 Apr 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8690