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Loss due to cyber crime

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(Querist)
11 April 2012 We suffered loss of advance payment to china supplier due to cyber hackers

Can we claim it as expense in Profit & Loss account for income tax purpose
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CA Parth Shah

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CA Parth Shah (Expert)
11 April 2012 Yes Gaurav. You can certainly claim it but then you should be ready for litigation. As of now, such expense is deductible.

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