https://www.taxtmi.com/caselaws?id=23676 A Tribunal's allowance of deduction for employee embezzlement loss in the year of discovery was treated as consistent with the Board's circular, which recognises such loss as an admissible business loss. On that basis, the Delhi High Court found no independent referable question of law arising from the Tribunal's conclusion. The reference petition was dismissed because the issue was covered by the settled legal position reflected in the circular and did not call for further legal determination. en-us Wed, 02 Aug 1989 00:00:00 +0530 Wed, 23 Dec 2009 11:43:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23676 A Tribunal's allowance of deduction for employee embezzlement loss in the year of discovery was treated as consistent with the Board's circular, which recognises such loss as an admissible business loss. On that basis, the Delhi High Court found no independent referable question of law arising from the Tribunal's conclusion. The reference petition was dismissed because the issue was covered by the settled legal position reflected in the circular and did not call for further legal determination. Case-Laws Income Tax Wed, 02 Aug 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23676