https://www.taxtmi.com/caselaws?id=349989 Loss of stock-in-trade caused by theft during transit is deductible as a trading loss where the evidence shows the goods were in business use and the disappearance is supported by contemporaneous records, such as stock entries and a police complaint. Rejection of an insurance claim does not, by itself, disprove the loss or its business character. On those facts, the jewellery loss was treated as incidental to the carrying on of the business and the disallowance was not sustainable. en-us Mon, 11 Sep 2017 00:00:00 +0530 Sat, 28 Oct 2017 08:18:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349989 Loss of stock-in-trade caused by theft during transit is deductible as a trading loss where the evidence shows the goods were in business use and the disappearance is supported by contemporaneous records, such as stock entries and a police complaint. Rejection of an insurance claim does not, by itself, disprove the loss or its business character. On those facts, the jewellery loss was treated as incidental to the carrying on of the business and the disallowance was not sustainable. Case-Laws Income Tax Mon, 11 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349989