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Embezzlement of Cash

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(Querist)
03 March 2009 In a pvt. ltd. co. during the year 08 - 09 Rs. 80000/- Cash received from Party was stolen , out of building premises.FIR files in local police station. so this exp. allowed in enpenditure or not.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
03 March 2009 Loss on account of embezzlement, in the previous year in which embezzlement is discovered is an allowable deduction.
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K V Subba Rao

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K V Subba Rao (Expert)
03 March 2009 Please check the following link:

https://www.caclubindia.com/experts/experts_message_display.asp?group_id=124426
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
03 March 2009 It is allowed.

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