https://www.taxtmi.com/caselaws?id=285604 Amounts wrongly entered as business receipts in an earlier year could not be deducted in a later year merely because tax had already been paid on them; the proper course was to seek correction and refund for the year of overassessment, so the deduction claims failed. A loss of money by theft was not an allowable deduction under Section 10 of the Income-tax Act, 1922, because it was not expenditure incurred wholly for earning profits or gains and was also not shown to have arisen in the relevant accounting year. The Patna HC thus treated both deductions as inadmissible and answered the reference for the revenue. 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 Amounts wrongly entered as business receipts in an earlier year could not be deducted in a later year merely because tax had already been paid on them; the proper course was to seek correction and refund for the year of overassessment, so the deduction claims failed. A loss of money by theft was not an allowable deduction under Section 10 of the Income-tax Act, 1922, because it was not expenditure incurred wholly for earning profits or gains and was also not shown to have arisen in the relevant accounting year. The Patna HC thus treated both deductions as inadmissible and answered the reference for the revenue. Case-Laws Income Tax Tue, 30 Nov 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285604