Theft - whether allowable or not
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 January 2014
A company's cash amounting to Rs 17.50 Lacs got stolen on monday night. Is it allowable business expenditure or not under Income Tax Act 1961?
08 January 2014
will depend on case to case basis. refer this discussion http://www.manupatrafast.com/articles/PopOpenArticle.aspx?ID=96abd7cd-a576-4c30-af9b-111c6fcacf4b&txtsearch=Subject:%20Direct%20Taxation
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