Loss due to embezzlement by employees allowable as deduction u/s 28

DDIT Vs Standard Chartered Bank (ITAT Mumbai) ITAT Mumbai held that that loss arising due to embezzlement by the employees should be treated as incidental to the business such loss so suffered is allowable as deduction under section 28 of the Income Tax Act. Facts- The Assessee is a foreign corporate body being a bank incorporated by the Royal Charter under the laws of England and Wales and registered in India under the Companies Act, 1956. The Assessee was engaged in the business of banking financial services and allied activities in India and filed return of income for A.Y. 1993-94 on 29/12/...