https://www.taxtmi.com/caselaws?id=18946 The High Court of MADRAS upheld the decision of the Appellate Tribunal to deny a public limited company's deduction claim of Rs. 13,601 for embezzlement during the relevant accounting year. The court found insufficient evidence to establish the embezzlement as a loss in the business, noting the lack of concrete proof and inconsistencies in the assessee's case. The absence of documentation regarding financial transactions with the employee and the outcome of legal proceedings led to the dismissal of the deduction claim. The court ruled in favor of the Income-tax Officer, emphasizing the failure to prove the loss within the business operations during the relevant accounting year. en-us Wed, 01 Feb 1995 00:00:00 +0530 Tue, 03 Nov 2009 10:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18946 The High Court of MADRAS upheld the decision of the Appellate Tribunal to deny a public limited company's deduction claim of Rs. 13,601 for embezzlement during the relevant accounting year. The court found insufficient evidence to establish the embezzlement as a loss in the business, noting the lack of concrete proof and inconsistencies in the assessee's case. The absence of documentation regarding financial transactions with the employee and the outcome of legal proceedings led to the dismissal of the deduction claim. The court ruled in favor of the Income-tax Officer, emphasizing the failure to prove the loss within the business operations during the relevant accounting year. Case-Laws Income Tax Wed, 01 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18946