| COURT: | ITAT Mumbai |
| CORAM: | Amit Shukla (JM), N. K. Billaiya (AM) |
| SECTION(S): | 29, 37(1) |
| GENRE: | Domestic Tax |
| CATCH WORDS: | business loss, fraud |
| COUNSEL: | J.D. Mistri |
| DATE: | February 18, 2015 (Date of pronouncement) |
| DATE: | March 16, 2015 (Date of publication) |
| AY: | 2005-06 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 29/37(1): Loss due to fraud & financial irregularities has to be allowed in the year of detection | |
Loss due to fraud and financial irregularities have to be allowed as a deduction in the year of detection. This is in line with the Board circular No.35D(XLVII- 20)(F.No.10/48/65-IT(A-I) dated 24.11.1965 and the judgement of the Hon’ble Supreme Court in the case of Associated Banking Corporation Of India Limited. vs CIT reported in 56 ITR 1(SC)
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