Allowability of business loss - the embezzlement by one of the ...

Embezzlement by Director or Employee Classified as Business Loss for Tax Relief, Despite Criminal Charges.

July 25, 2019

Case Laws Income Tax HC

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 business loss, irrespective of criminal prosecution of the accused director/employee - subsequent recovery if, any, would not determine the claim of the Assessee in the present year writing off the same as a business loss

View Source

← Previous Next →

Allowability of business loss - the embezzlement by one of the ...

Embezzlement by Director or Employee Classified as Business Loss for Tax Relief, Despite Criminal Charges.

July 25, 2019

Case Laws Income Tax HC

You may also like:

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

Misappropriation of funds by an employee led to the assessee claiming expenses u/s 37(1) of the Act, which were later discovered to be embezzlement. The assessee...

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...

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...

Loss on sale of land - ‘Business Loss’ or ‘Capital Loss’ - The present land transaction may be the first transaction of the assessee firm but the sister concern of the...

Levy of service tax on Directors Salary - The Appellate Tribunal ruled in favor of the Appellant, emphasizing that remuneration paid to whole-time directors, who are...

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 -...

Disallowance of mark to market losses - Nature of loss - allowable business loss or not? - The assessee is consistently following the method of accounting. Therefore,...

Interest earned on loans given to employees will be taxed under the head “business income” - AT

Levy of service tax - remuneration paid by a company to the Managing Director and the whole time Executive Director - whether such income is a salary income or otherwise...

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 -...

Losses incurred by the assessee from F & O operations - Speculation loss or business loss - Loss incurred on account of derivatives would be deemed business loss under...

Forex loss - allowable business loss u/s 37(1) or not? - The assessee company has entered into transactions of buying and selling of forex and incurred a loss on the...

Claim of expenses / loss towards misappropriation of funds by the director - misuse of the authority by the director of the company - the aforesaid loss has incurred in...

Loss in respect of embezzlement of stock by an employee - loss of jewellery/stock is allowed as the assessee substantiated its claim and filed relevant evidence proving...

Quick Updates: