Court Rules Bank Can't Deduct Losses Tied to Securities Scam; Not a Business Loss Under Tax Law.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Disallowance of deduction being the loss/ expenditure/outgo from coffers of bank - For some reason best known to the appellant bank, proceeds were credited in the account of Shri Harshad Mehta and subsequently, the entire transaction was burnt in the fire of Security Scam - cannot be considered as deductible business loss.....