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Income Tax - Highlights / Catch Notes

Home Highlights September 2016 Year 2016 This

The embezzled cash by an employee of the assessee in the course ...

Income Tax

September 23, 2016

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

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  1. Disallowance on account of bad debt/trading loss - the assessee is eligible for the deduction of the amount embezzled by the employee as a trading loss.

  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. 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...

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

  5. Addition on account of bad debt - embezzled by one of the employees of the company - Non–filing of FIR before the Police - embezzlement may not be allowable as bad debt...

  6. Nature of loss - capital loss or business loss - company in liquidation - assesssee claimed the same as business loss - Tribunal allowed the same as capital loss -...

  7. Nature of activity of "chit fund business" - cash management / fund management - the petitioner is not liable to pay service tax before 14.05.2015 - petition allowed.

  8. Loss from mutilated currency notes claimed as business loss/business expenditure in computation of taxable total income - AO to allow the loss to the extent of 20%

  9. Advances to subsidiary company – Allowability as bad debt – the loss of advance by the assessee company to its 100% subsidiary company is to be allowed as a business loss - AT

  10. Business loss - 'export incentive' written off in the Profit & Loss Account - the action of the assessee is premature - claim not allowed - AT

 

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