https://www.taxtmi.com/caselaws?id=19571 The Tribunal ruled in favor of the Revenue, disallowing the deduction claimed by the assessee as a business loss. The dispute arose from the amount charged by principals, with the Revenue contending it was a trading loss for the principal, not a bad debt for the agent. The Tribunal found no creditor-debtor relationship between the assessee and the principal's employee who embezzled the funds, leading to the disallowance of the deduction. The judgment emphasized the importance of accurately framing questions in references to align with established facts and avoid confusion. en-us Thu, 21 Jul 1994 00:00:00 +0530 Sat, 07 Nov 2009 11:11:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19571 The Tribunal ruled in favor of the Revenue, disallowing the deduction claimed by the assessee as a business loss. The dispute arose from the amount charged by principals, with the Revenue contending it was a trading loss for the principal, not a bad debt for the agent. The Tribunal found no creditor-debtor relationship between the assessee and the principal's employee who embezzled the funds, leading to the disallowance of the deduction. The judgment emphasized the importance of accurately framing questions in references to align with established facts and avoid confusion. Case-Laws Income Tax Thu, 21 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19571