https://www.taxtmi.com/caselaws?id=758027 ITAT Rajkot allowed assessee's claim for loss due to robbery of gold ornaments. CIT(A) had restricted the loss based on misinterpretation of newspaper reports versus books of account. ITAT held that losses from theft/robbery are allowable deductions if they arise from business operations and are incidental to business activity. The loss must have proximate connection with business. Despite revenue's argument about lack of quantitative details in FIR and insufficient evidence, ITAT accepted assessee's submission of police reports, FIR, and newspaper clippings as adequate proof. The appeal was allowed. en-us Mon, 08 Jul 2024 00:00:00 +0530 Fri, 06 Sep 2024 08:20:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758027 ITAT Rajkot allowed assessee's claim for loss due to robbery of gold ornaments. CIT(A) had restricted the loss based on misinterpretation of newspaper reports versus books of account. ITAT held that losses from theft/robbery are allowable deductions if they arise from business operations and are incidental to business activity. The loss must have proximate connection with business. Despite revenue's argument about lack of quantitative details in FIR and insufficient evidence, ITAT accepted assessee's submission of police reports, FIR, and newspaper clippings as adequate proof. The appeal was allowed. Case-Laws Income Tax Mon, 08 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758027