https://www.taxtmi.com/caselaws?id=277158 Embezzlement by a munim after funds had been credited to the assessee's bank account was not deductible as a trading loss or under section 10(2)(xv). The tribunal distinguished losses occurring in the ordinary course before money reaches the business's control from misappropriation after the money has come into the assessee's hands for business purposes. Although the munim had wide authority under a general power of attorney and operated the account, the withdrawal of funds for his personal liabilities did not make the loss a business loss. The Madras authority cited was distinguished because, on its facts, the money had not yet reached the till before misappropriation. en-us Wed, 22 Dec 1954 00:00:00 +0530 Tue, 27 Nov 2018 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277158 Embezzlement by a munim after funds had been credited to the assessee's bank account was not deductible as a trading loss or under section 10(2)(xv). The tribunal distinguished losses occurring in the ordinary course before money reaches the business's control from misappropriation after the money has come into the assessee's hands for business purposes. Although the munim had wide authority under a general power of attorney and operated the account, the withdrawal of funds for his personal liabilities did not make the loss a business loss. The Madras authority cited was distinguished because, on its facts, the money had not yet reached the till before misappropriation. Case-Laws Income Tax Wed, 22 Dec 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277158