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2012 (8) TMI 431 - HC - Income TaxEmbezzlement of cash by employee in AY 84-85 - loss claimed in the year 1990-91 - dis-allowance - Held that:- Tribunal on the findings that appellant is not in the business of handling of cash; if there was any embezzlement by any employee, apart from lodging of FIR, steps could be taken to recover the amount, which is not done. Further, letter of termination of the employee, or ; any notice or ; suit to recover the amount from him was not produced. Also, there was no relationship of debtor or creditor nor the amount was lost in the course of business. Hence, Tribunal has rightly held that same cannot be allowed as deduction u/s 10(1), 36 or 37(1). Interest paid on loan taken for the purpose of business - assessee contending allowance u/s 57 - Held that:- Each item of expenditure had been discussed by CIT(A). In the absence of verification of details, such expenses could not be allowed at the appellate stage. Further, expenses were not shown in the P/L A/c and was thus not allowable - Decided against the assessee.
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