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2009 (8) TMI 777 - AT - Income TaxDisallowance of loss on account of embezzlement - The assessee is registered with SEBI and the principal activity is to act as an Investment Manager to Birla Mutual Fund - During the year under consideration, the assessee had claimed deduction of Rs. 3,92,15,559 by way of notes to the computation of income - As the discovery of the embezzlement was made during the year, the claim of the assessee is that it is entitled to the deduction on account of loss on account of embezzlement - the assessee was handling units worth of Rs. 7.5 crores belonging to M/s. TIFPL - There is no merit in the claim of the assessee as the said liability is a contingent one - Accordingly, ground of appeal raised by the assessee is thus dismissed
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