https://www.taxtmi.com/caselaws?id=55211 The Tribunal upheld the decision of the CIT(A) to allow the entire embezzled amount as a trading loss in the assessment year 1981-82, citing the Supreme Court precedent. The appeal by the revenue was dismissed, and the delay in the assessee's appeals for earlier years was condoned but ultimately dismissed as the loss was already allowed in 1981-82. The ruling stressed that embezzlement losses are deductible in the year of discovery, with safeguards against double deductions. en-us Fri, 31 Aug 1990 00:00:00 +0530 Wed, 24 Nov 2010 15:35:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55211 The Tribunal upheld the decision of the CIT(A) to allow the entire embezzled amount as a trading loss in the assessment year 1981-82, citing the Supreme Court precedent. The appeal by the revenue was dismissed, and the delay in the assessee's appeals for earlier years was condoned but ultimately dismissed as the loss was already allowed in 1981-82. The ruling stressed that embezzlement losses are deductible in the year of discovery, with safeguards against double deductions. Case-Laws Income Tax Fri, 31 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55211