1962 (11) TMI 88

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....ntony For the Commissioner : G. Rama Iyer JUDGMENT GOVINDAN NAIR J.- 1. The facts of this reference under section 66(1) of the Indian Income-tax Act, 1922, are stated in detail in the statement of the case and the questions that have been referred to us are: "(1) Whether on the facts and in the circumstances of the case the removal of Rs. 18,000 by one of the employees of the ....

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....ru from the Thathamangalam branch. Ittikkuru came to know of this decision of the board even before this was communicated to him. In the meantime, the said Francis left Thathamangalam on April 6, 1960, after entrusting the key that he had with him with the peon of the bank. April 7, 8 and 9 were holidays and the bank was to open only on the 10th. On the 7th, Ittikkuru obtained the key that was ent....

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....ru, who was the agent of the bank. In doing so, it has to take the necessary risk of such employees embezzling money and even committing theft. The money that was taken is admittedly the stock-in-trade of the assessee, a banking company. The fact that the money was taken not during office hours, but on a holiday, does not affect the question for decision if the incurring of the loss was incidental....