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2017 (2) TMI 1348 - AT - Income TaxDisallowance of loss of goods by theft - Held that:- CBDT Circular No.25 of 1939 and Circular No. 13 of 1994 as clarified that losses arising due to embezzlement of employees or due to negligence of employees should be allowed if the loss took place in the normal course of business and the amount involved was necessarily kept for the purpose of the business in the place from which it was lost. Cases of Shitla Prasad Shyam Lal vs. CIT (1990 (11) TMI 118 - ALLAHABAD HIGH COURT) and Bombay Forgings (P) Ltd. vs.CIT (1993 (9) TMI 99 - BOMBAY HIGH COURT) to be followed. - Decided in favour of assessee.
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