https://www.taxtmi.com/caselaws?id=28706 A business loss is deductible where there is a direct and proximate nexus between the loss and business operations, or where the loss is incidental to carrying on the business. On the stated facts, cash was being taken home for safe custody because the firm needed to hold substantial cash in the ordinary course of its trading activity, and it was lost in transit. The loss was therefore connected with the business operations and treated as a trading loss, making it allowable as a business loss incidental to the assessee-firm's business. en-us Tue, 27 Apr 1982 00:00:00 +0530 Thu, 25 Feb 2010 10:31:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28706 A business loss is deductible where there is a direct and proximate nexus between the loss and business operations, or where the loss is incidental to carrying on the business. On the stated facts, cash was being taken home for safe custody because the firm needed to hold substantial cash in the ordinary course of its trading activity, and it was lost in transit. The loss was therefore connected with the business operations and treated as a trading loss, making it allowable as a business loss incidental to the assessee-firm's business. Case-Laws Income Tax Tue, 27 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28706