Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights October 2019 Year 2019 This

Claim of expenses / loss towards misappropriation of funds by ...

Income Tax

October 25, 2019

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 the course of business of the company and therefore should be allowed as a business loss.

View Source

 


 

You may also like:

  1. Denial of claim of loss or to categorize certain expenses as pre-operative expenses - commencement of business during the year - assessee’s business was ‘set up’ or not...

  2. Disallowance of expenses relatable to medical treatment of one of the Director’s wife - these expenses incurred towards medical expenses of the relative of the Director...

  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. Misuse of Public Issue Funds by Companies

  5. Disallowance of excess interest paid - diversion of funds for non-business purposes - It is immaterial how the loan was treated by the Director - as far as the assessee...

  6. Research and Development expenses (R&D Expenses) - Allowability of expenses u/s 35(2) - The expenses are not covered u/s 35(2) - The assessee has not claimed the same...

  7. Penalty u/s 271D - Default u/s 269SS - cash loan(s) availed form its Managing Director in current account - day-to-day emergency expenses - AO directed to examine that...

  8. Provision for remuneration of whole time directors – Enhanced directors remuneration – claim of assessee was allowable - AT

  9. 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...

  10. Payment due for the services rendered to the unitholders prior to the winding up - Even if a distributor renders some services to the unitholders after publication of...

  11. Disallowing excess directors remuneration - sum paid towards directors remuneration and that is to the extent of 80% of the net profit - the AO has not carried out any...

  12. Claim of expenses disallowed u/s 37(1) - expenditure/loss incurred on abandoned project – for the first two years the expenditure is shown as “work-in-progress” - claim...

  13. Disallowance of the expenses claimed on account of employees benefit expenses - AO making the disallowance on the ground that assessee has claimed the expenses basically...

  14. Supply or not - levy of GST - sub-leasing of land - collection of LAD Fund alongwith rent - amount collected towards Local Area Development Fund (LAD Fund ), which is...

  15. Nature of expenses - legal and professional expenses and other expenses defending the directors and their relatives - The expenses incurred even for defending the...

 

Quick Updates:Latest Updates