Embezzlement by Director or Employee Classified as Business Loss for Tax Relief, Despite Criminal Charges.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Allowability of business loss - the embezzlement by one of the Directors/employee during the ordinary course of business is a pilferage of the company funds can be a business loss, irrespective of criminal prosecution of the accused director/employee - subsequent recovery if, any, would not determine the claim of the Assessee in the present year writing off the same as a business loss....