Deduction of theft
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 September 2016
Dear seniors,
I am in proprietor ship concern an incident occurred with me actually i was carrying cash of 20 thousand (business money) however i am not sure weather cash been stolen or fall
anywhere. My query is weather this loss can be allowed as deduction in income tax, if yes under which head,
Warm Regard
Atul Somani
I am in proprietor ship concern an incident occurred with me actually i was carrying cash of 20 thousand (business money) however i am not sure weather cash been stolen or fall
anywhere. My query is weather this loss can be allowed as deduction in income tax, if yes under which head,
Warm Regard
Atul Somani
Expert : Anonymous
Expert :
Anonymous
(Expert)
24 September 2016
Dear Atul,
There have been varying views taken by different judicial bodies. According to me, this loss should be transferred to capital account and cannot be treated as an expense since it was not used for business and it was the liability of the proprietor.
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