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2015 (10) TMI 469 - AT - Income TaxDisallowance of alleged loss due to embezzlement suffered by the assessee - Held that:- As the very basic issue of admissibility of deduction in respect of the loss die to embezzlement is required to be, in the light of the above discussions, required to be decided afresh, we donot consider it appropriate to deal with other peripheral issues raised in the orders of the authorities below. Suffice to say that the matter will be decided afresh, uninfluenced by the findings in the first round of proceedings (which have come to a naught due to the matter having been restored to the file of the Assessing Officer due to the proceedings in the first round having been held to be vitiated in law due to violation of principles of natural justice), by way of a speaking order on a standalone basis, after taking into account all such documents, including documents relating to legal proceedings, as the assessee may rely upon and after giving a fair and reasonable opportunity of hearing to the assessee. We consider it appropriate to clarify that, on merits, the assessee is at liberty to raise all such arguments as he may deem fit and proper. For the reasons set out above, we once again remit the matter to the file of the Assessing Officer for fresh adjudication de novo, in terms of our directions above, inter alia in the light of the legal proceedings in respect of the embezzlement that the assessee claims to have suffered. With these directions, the matter stands restored to the file of the Assessing Officer. - Decided in favour of assessee for statistical purposes.
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