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Employee Embezzlement Loss Allowable as Business Deduction in Year of Discovery: ITAT Mumbai
Case Law Details
- Case Name
- ACIT Vs National Peroxide Limited (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Mumbai
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ACIT Vs National Peroxide Limited (ITAT Mumbai)
In the order u/s143(3), AO disallowed the deduction on account of embezzlement of funds amounting to Rs.18.96 crores & the expenditure related to exempt income u/s14A read with Rule 8D. Additionally, the return of income filed by Assessee was processed u/s143(1)(a). While computing the income, additions were made on account of disallowance of exempt income claimed u/s115-P amounting to Rs.17,06,252/- & disallowance u/s43B amounting to Rs.1,73,77,069/-.
Both issues relating to the additions u/s 115-O & 43B were contested by Assesse...
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