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Income Tax - Highlights / Catch Notes

Home Highlights May 2013 Year 2013 This

Loss due to embezzlement by an employee - loss on account of ...

Income Tax

May 2, 2013

Loss due to embezzlement by an employee - loss on account of theft be treated as business loss - no interference reuired - - HC

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  1. Disallowance of expenditure - loss by embezzlement by employees should be treated as incidental to business and the same should be allowed as deduction in the year in...

  2. The loss caused by embezzlement by the employee was incidental to the employment and entrustment of duty and should be allowed in computing the business income of the...

  3. Allowability of business loss - the embezzlement by one of the Directors/employee during the ordinary course of business is a pilferage of the company funds can be a...

  4. Claim of deduction against Embezzlement of funds by the employees of the assessee-society - Undisputedly, no doubt has been cast on the embezzlement of funds -...

  5. Provision towards fraud – the incident which resulted in irregularities/embezzlement occurred during the previous year – thus, the loss has to be held to have...

  6. CENVAT Credit - input services - Security services were engaged by the appellant due to various incidences of theft of export cargo, at the time of movement of...

  7. The embezzled cash by an employee of the assessee in the course of business activity has to be allowed as business loss. - AT

  8. When the speculative transactions were covered under sec.43(5) of the Act and the loss incurred in those transactions was liable to treated as speculative loss and not...

  9. Claim of business loss rejected - loss comprised of deposit relatable to dealership/distributorship and the balance referable to cylinder hire charges due to...

  10. Theft from cash chest by an employee - Once the employer has lost the confidence in the employee and the bona fide loss of confidence is affirmed, the order of...

 

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