https://www.taxtmi.com/caselaws?id=285604 The note addresses two tax-contentions: misposted prior-year receipts and a theft loss. It clarifies that amounts misallocated between businesses in the earlier year are not deductible in a subsequent year; the operative remedy is correction of the prior-year assessment and refund, not a later-year deduction. It further explains that losses by theft are involuntary and do not constitute "expenditure incurred solely for the purpose of earning profits," so such theft losses are not allowable deductions under the cited income tax provision. Both claimed deductions are therefore not permissible and must be remedied as stated. en-us Tue, 30 Nov 1937 00:00:00 +0530 Sat, 18 Jan 2020 17:18:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285604 The note addresses two tax-contentions: misposted prior-year receipts and a theft loss. It clarifies that amounts misallocated between businesses in the earlier year are not deductible in a subsequent year; the operative remedy is correction of the prior-year assessment and refund, not a later-year deduction. It further explains that losses by theft are involuntary and do not constitute "expenditure incurred solely for the purpose of earning profits," so such theft losses are not allowable deductions under the cited income tax provision. Both claimed deductions are therefore not permissible and must be remedied as stated. Case-Laws Income Tax Tue, 30 Nov 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285604