https://www.taxtmi.com/caselaws?id=28297 A business loss from embezzlement by an assessee's agent was held deductible in the year when the assessee honestly and bona fide lost hope of recovery and wrote off the amount. The Tribunal accepted that recovery remained possible until the relevant previous year, so the claim properly related to that year rather than an earlier one. The loss was therefore treated as a business loss deductible in the relevant assessment year, and the matter was decided in favour of the assessee. en-us Fri, 30 Jul 1982 00:00:00 +0530 Sat, 20 Feb 2010 12:16:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28297 A business loss from embezzlement by an assessee's agent was held deductible in the year when the assessee honestly and bona fide lost hope of recovery and wrote off the amount. The Tribunal accepted that recovery remained possible until the relevant previous year, so the claim properly related to that year rather than an earlier one. The loss was therefore treated as a business loss deductible in the relevant assessment year, and the matter was decided in favour of the assessee. Case-Laws Income Tax Fri, 30 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28297