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2019 (7) TMI 1220
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....e Appellant : M/s. K.G.Usha Rani Senior Standing Counsel For the Respondent : M/s. Sumithra for M/s. R.Sivaraman JUDGMENT DR.VINEET KOTHARI, J. The Revenue has filed this Appeal under Section 260-A of the Act raising the following purported substantial questions of law arising from the order of the learned Tribunal dated 11.08.2016:- "1. On the facts and in the circumstances o....
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....6,24,839/- which represented the amount allegedly embezzled by a Director representing the workmen on the Board of the Company, who was dealing with the day today affairs of the Company business. Upon such embezzlement being found out by the internal audit procedure, he was not only removed from the Board of Directors, but was also prosecuted by filing a criminal complaint in the Court of XVII Met....
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....of cash by the employee of the assessee in the course of the business activity whether it could be allowed as a bad debt or not? For the purpose of claiming a debt as bad, the conditions prescribed under Section 36(2) of the Act have to be complied with. In the case before us, the conditions prescribed under Section 36(2) of the Act were not complied with, therefore, the claim of the Asse....
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....ss loss." 4. The learned counsel for the Appellant/Revenue submitted that that since the conditions prescribed under Section 36(2) of the Act to claim the said deduction by way of bad debt were not complied with by the Assessee and also since there was a legal opinion obtained by the Assessee that the amount embezzled is recoverable, the same had therefore not turned as bad debt. It was urged t....