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Deduction under pgbp

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 October 2013 Dear,

Whether money embezzled by employee of the company allowable as deduction under head Income from PGBP ?

If allowable than in which year ?

Plz provide case low if known.
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CA Mehta Ankur N.

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CA Mehta Ankur N. (Expert)
15 October 2013 As per my view its abnormal loss & can e claimed u/s 37.

If you have done police complain & Investigation is going on then it will not be allowed in the year which this happens but will be available in year in which investigation going to complete.

CA Ankur Mehta
(Jai Jinendra)
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Sanket

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Sanket (Expert)
15 October 2013 Loss of cash caused by theft, defalcation or embezzlement may happen in the course of business. This loss of cash is allowable as a deduction in computing the adjusted income of a business for the basis period for a year of assessment provided such loss is incidental to the business carried on
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