TMI Blog1962 (11) TMI 88X X X X Extracts X X X X X X X X Extracts X X X X ..... . - 1. The facts of this reference under section 66(1) of the Indian Income-tax Act, 1922, are stated in detail in the statement of the case and the questions that have been referred to us are: (1) Whether on the facts and in the circumstances of the case the removal of ₹ 18,000 by one of the employees of the bank was only theft or constituted embezzlement? (2) Whether the embez ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd even before this was communicated to him. In the meantime, the said Francis left Thathamangalam on April 6, 1960, after entrusting the key that he had with him with the peon of the bank. April 7, 8 and 9 were holidays and the bank was to open only on the 10th. On the 7th, Ittikkuru obtained the key that was entrusted to the peon from him, sent the peon away from the bank after asking him to clo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of such employees embezzling money and even committing theft. The money that was taken is admittedly the stock-in-trade of the assessee, a banking company. The fact that the money was taken not during office hours, but on a holiday, does not affect the question for decision if the incurring of the loss was incidental to the carrying on of the business. We have no doubt that, on the facts and in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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