https://www.taxtmi.com/caselaws?id=36838 The High Court denied the allowance of a claim as a loss incidental to trade in the assessment year 1969-70. The court ruled against the assessee, a public limited company engaged in manufacturing, stating that the claim was not a trading loss but a mistake in passing entries from a previous year. Emphasizing the need for a loss to be incidental to trade and occur in the relevant accounting year, the court distinguished the case from precedents involving embezzlement scenarios. Ultimately, the court sided with the department, rejecting the claim and awarding costs to the Commissioner. en-us Fri, 30 Nov 1979 00:00:00 +0530 Wed, 24 Mar 2010 18:47:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36838 The High Court denied the allowance of a claim as a loss incidental to trade in the assessment year 1969-70. The court ruled against the assessee, a public limited company engaged in manufacturing, stating that the claim was not a trading loss but a mistake in passing entries from a previous year. Emphasizing the need for a loss to be incidental to trade and occur in the relevant accounting year, the court distinguished the case from precedents involving embezzlement scenarios. Ultimately, the court sided with the department, rejecting the claim and awarding costs to the Commissioner. Case-Laws Income Tax Fri, 30 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36838