https://www.taxtmi.com/caselaws?id=39812 An embezzlement loss caused by an agent authorised to operate the assessee's bank account was treated as a business loss incidental to carrying on the business and was deductible under section 10(1), not as a bad debt or under the specific deduction provisions relied on. Annuity payments made under a sale arrangement with the purchaser were held to relate to implementing the sale agreement rather than to the assessee's own trading operations, so they were not deductible as business expenditure. A payment made to settle a business claim was allowed as expenditure laid out wholly and exclusively for business purposes because it was made on grounds of commercial expediency, even though described as ex gratia. en-us Fri, 26 Feb 1971 00:00:00 +0530 Tue, 20 Apr 2010 13:43:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39812 An embezzlement loss caused by an agent authorised to operate the assessee's bank account was treated as a business loss incidental to carrying on the business and was deductible under section 10(1), not as a bad debt or under the specific deduction provisions relied on. Annuity payments made under a sale arrangement with the purchaser were held to relate to implementing the sale agreement rather than to the assessee's own trading operations, so they were not deductible as business expenditure. A payment made to settle a business claim was allowed as expenditure laid out wholly and exclusively for business purposes because it was made on grounds of commercial expediency, even though described as ex gratia. Case-Laws Income Tax Fri, 26 Feb 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39812