https://www.taxtmi.com/caselaws?id=57187 An embezzlement loss arising in the course of business may be allowed as a trading loss when the loss is established, recovery is not reasonably likely, and the criminal complaint has progressed to charge-sheet without recovery. The Tribunal also accepted that assessment orders of other assessees, already in the Department's custody and relevant to comparable treatment of identical facts, could be considered without offending Rule 46A of the Income-tax Rules, 1962. Consistency in departmental approach was treated as supporting the assessee's claim, and the loss claim was sustained. en-us Wed, 25 Jun 1986 00:00:00 +0530 Wed, 08 Dec 2010 18:01:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57187 An embezzlement loss arising in the course of business may be allowed as a trading loss when the loss is established, recovery is not reasonably likely, and the criminal complaint has progressed to charge-sheet without recovery. The Tribunal also accepted that assessment orders of other assessees, already in the Department's custody and relevant to comparable treatment of identical facts, could be considered without offending Rule 46A of the Income-tax Rules, 1962. Consistency in departmental approach was treated as supporting the assessee's claim, and the loss claim was sustained. Case-Laws Income Tax Wed, 25 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57187