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2004 (10) TMI 64 - HC - Income TaxEmbezzlement loss - Even though the applicant has come to know about the embezzlement having taken place some time in October, 1977, in the preliminary investigation made by an employee of the applicant, a rough figure of Rs. 8,50,000 was arrived at as embezzled amount. However, the exact embezzlement loss of Rs. 11,17,014 which the applicant is claiming as business loss during the AY 1978-79 came to be known to it only on July 7, 1979 – Thus, Tribunal was justified in holding that the aforesaid amount of embezzlement loss could not have been claimed as business loss during the assessment year 1978-79 as the aforesaid trading loss was not fall in that year. – Further, we held that Tribunal was justified in law in upholding the disallowance under section 80VV
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