https://www.taxtmi.com/caselaws?id=24537 The Tribunal upheld the reopening of assessments under section 147(a) of the Income-tax Act, finding that the assessee failed to disclose all material facts regarding embezzled amounts. The decision emphasized the duty of the assessee to fully disclose necessary information for assessment. Regarding the allowability of losses due to embezzlement, the Tribunal ruled that as there was a reasonable prospect of recovering the embezzled amounts, the loss could not be claimed in the relevant year. This case sets a precedent on the disclosure obligations of taxpayers and the criteria for allowing losses in cases of embezzlement. en-us Fri, 18 Nov 1988 00:00:00 +0530 Wed, 20 Jan 2010 17:34:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24537 The Tribunal upheld the reopening of assessments under section 147(a) of the Income-tax Act, finding that the assessee failed to disclose all material facts regarding embezzled amounts. The decision emphasized the duty of the assessee to fully disclose necessary information for assessment. Regarding the allowability of losses due to embezzlement, the Tribunal ruled that as there was a reasonable prospect of recovering the embezzled amounts, the loss could not be claimed in the relevant year. This case sets a precedent on the disclosure obligations of taxpayers and the criteria for allowing losses in cases of embezzlement. Case-Laws Income Tax Fri, 18 Nov 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24537