https://www.taxtmi.com/caselaws?id=383524 The High Court dismissed the Revenue's appeal, upholding the Tribunal's decision to allow the embezzled amount as a business loss for the assessee resulting from embezzlement during business operations. The Court emphasized that the embezzlement constituted an inevitable loss, distinct from a bad debt, and directed the Assessing Officer to treat it as such. The timing of the loss allowance was deemed irrelevant, focusing instead on the nature of the loss incurred. The Court also held that ongoing legal proceedings against the accused did not affect the assessee's right to claim the embezzled amount as a business loss. en-us Thu, 14 Mar 2019 00:00:00 +0530 Wed, 24 Jul 2019 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383524 The High Court dismissed the Revenue's appeal, upholding the Tribunal's decision to allow the embezzled amount as a business loss for the assessee resulting from embezzlement during business operations. The Court emphasized that the embezzlement constituted an inevitable loss, distinct from a bad debt, and directed the Assessing Officer to treat it as such. The timing of the loss allowance was deemed irrelevant, focusing instead on the nature of the loss incurred. The Court also held that ongoing legal proceedings against the accused did not affect the assessee's right to claim the embezzled amount as a business loss. Case-Laws Income Tax Thu, 14 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383524