SC: Casual Workers Can't be Denied Regularisation if Similar Daily Wagers were Regularised  ||  Supreme Court: Illegal Change of Land Use under Punjab Act Cannot be Legalised Later  ||  Allahabad High Court: Magistrate Must Consider Closure Report Even After Taking Cognizance  ||  Allahabad HC: CGST Arrest Memo Must Include Grounds as Annexure; Reasons to Believe Not Needed  ||  Kerala HC: Petitioner’s Identity Must be Verified Via SHO in Cases of Bank Account Defreezing  ||  J&K&L HC: Undenied Pleadings are Deemed Admitted by Implication under the CPC  ||  Kerala HC: Transfer Order Pending Disciplinary Proceedings Cannot be Disguised as Punishment  ||  Allahabad HC: GST, Incentives, 0r Festival Advances Cannot be Deducted From Employee’s Retiral Dues  ||  SC: Absconding Accused Cannot Claim Anticipatory Bail Solely Because a Co-Accused Was Acquitted  ||  Supreme Court: District Cricket Bodies Must Adopt Good Governance Voluntarily, Not Follow BCCI Rules    

ITAT, Bangalore: Unascertained Business Loss Cannot be Allowed as Deduction - (09 Mar 2022)

DIRECT TAXATION

Income Tax Appellate Tribunal, Bangalore has ruled that unless the recovery of embezzled amount in the course of business was impossible, it could not be claimed as a business loss. The Tribunal has ruled that an unascertained loss cannot be allowed as deduction from taxable income.

Tags : INCOME TAX APPELLATE TRIBUNAL   UNASCERTAINED BUSINESS LOSS  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved