There is no provision in the Income-tax Act which permits the allowance of a loss which was suffered by an assessee to be adjusted and set off or deducted from the profits of another assessee

Deduction on account of loss of Rs.60 lacs as result of dacoity which took place on 7th January 1999. It was explained that the aforesaid amount in cash formed part of the business receipts and that while it was being taken to the bank for being deposited was lost due to dacoity. Since the conditions of section 36 (2)(i) of the Income-tax Act have not been satisfied the advance of RS.60 lacs cannot be successfully claimed as bad debts written off. The alternative claim that the amount has to be allowed as a business loss under section 28 of the Act as loss incidental to the business cannot als...