https://www.taxtmi.com/caselaws?id=60921 The Tribunal dismissed the appeal, ruling that the embezzlement was not discovered within the assessment year 1985-86, therefore disallowing the claimed deduction of Rs. 15,30,201 for the alleged embezzlement by the Accountant. The Tribunal found no evidence of collusion between the partners and the accountant, and emphasized that losses due to embezzlement should be allowed in the year of discovery, which in this case was deemed to be outside the relevant assessment year. en-us Tue, 19 Sep 1995 00:00:00 +0530 Sat, 08 Jan 2011 16:19:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60921 The Tribunal dismissed the appeal, ruling that the embezzlement was not discovered within the assessment year 1985-86, therefore disallowing the claimed deduction of Rs. 15,30,201 for the alleged embezzlement by the Accountant. The Tribunal found no evidence of collusion between the partners and the accountant, and emphasized that losses due to embezzlement should be allowed in the year of discovery, which in this case was deemed to be outside the relevant assessment year. Case-Laws Income Tax Tue, 19 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60921