https://www.taxtmi.com/caselaws?id=13006 The dominant issue was whether an embezzlement loss, admittedly incidental to the assessee's business, was allowable as a business deduction in the relevant year, including any balance amount not deducted earlier. The HC held that since the loss arose in the course of business, it was in principle deductible under the Act; however, to avoid double deduction across assessment years, the Tribunal, while giving effect to the judgment, was directed to verify allowability of the balance loss in light of the assessee's undertaking to surrender any overlapping deduction claimed or allowed in a later year. The question was answered against the Revenue and in favour of the assessee. en-us Wed, 05 Dec 2001 00:00:00 +0530 Wed, 24 Dec 2025 16:04:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13006 The dominant issue was whether an embezzlement loss, admittedly incidental to the assessee's business, was allowable as a business deduction in the relevant year, including any balance amount not deducted earlier. The HC held that since the loss arose in the course of business, it was in principle deductible under the Act; however, to avoid double deduction across assessment years, the Tribunal, while giving effect to the judgment, was directed to verify allowability of the balance loss in light of the assessee's undertaking to surrender any overlapping deduction claimed or allowed in a later year. The question was answered against the Revenue and in favour of the assessee. Case-Laws Income Tax Wed, 05 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13006