https://www.taxtmi.com/caselaws?id=351467 The Tribunal upheld the CIT(A)'s decision to allow the deletion of the addition on account of bogus purchases and the deletion of disallowance on account of traveling expenses incurred by the CFO and her family members. The Tribunal considered the losses resulting from embezzlement by employees as business losses deductible under Section 28 of the Income Tax Act. The decision was supported by police investigations, charge sheets, and judicial precedents, leading to the dismissal of the Revenue's appeal. en-us Wed, 11 Oct 2017 00:00:00 +0530 Sat, 25 Nov 2017 08:06:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351467 The Tribunal upheld the CIT(A)'s decision to allow the deletion of the addition on account of bogus purchases and the deletion of disallowance on account of traveling expenses incurred by the CFO and her family members. The Tribunal considered the losses resulting from embezzlement by employees as business losses deductible under Section 28 of the Income Tax Act. The decision was supported by police investigations, charge sheets, and judicial precedents, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Wed, 11 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351467