1989 (8) TMI 38

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....sessment year 1972-73, seeks reference of the following question of law to this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee was entitled to the claim regarding embezzlement of cash even though the Tribunal itself had observed that the facts as narrated by the assessee did not inspire confidence ?" According to t....

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....very as good and hence it could not be said that the loss had occurred during this year. The assessee then filed an appeal to the Tribunal. The Tribunal, vide its order dated June 25, 1984, relied upon the Board's Circular dated November 24, 1965, and came to the conclusion that the aforesaid amount should be allowed as deduction. It may here be mentioned that the circular of the Board, inter a....