28 of I.T. Act, 1961). In Gotham Chand Galada v. CIT

42 ITR 418High Court1961#20820 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 346,713 Indian tax judgments — from 2019 to 2022.

Issues it is cited on

section 10 company india business document

Judgments citing 28 of I.T. Act, 1961). In Gotham Chand Galada v. CIT

Avijit Dewanjee, Bangalore vs. The Deputy Commissioner of Income Tax Circle-1(1)(2), Bangalore

In the result, the appeal by the assessee is dismissed

ITA 3249/BANG/2018[2011-12]Status: DisposedITAT Bangalore23 Feb 2022AY 2011-12

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2011-12

For Appellant: Smt. Suman Lunkar, CAFor Respondent: Shri Priyadarshi Mishra, Jt.CIT(DR)(ITAT), Bengaluru

Section 250(4)

…s misappropriated by a cashier of a company during the course of his duties, including withdrawals from the bank are allowable trading loss under section 10(1) of the 1922 Act (Corresponding to sec. 28 of I.T. Act, 1961). In Gotham Chand Galada v. CIT [1961] 42 ITR 418 (Mad.)., where 14. a cashier employed in a money-lending business embezzled certain sum in the course of handling the cash and said that the sum was irrecoverable it was held that loss thus caused was an allowable deduction. Page 8 of 14 15. The ld. AR submitted that in the following cases it has been held that if the loss on account of embezzlem…

San Disk India Device Design Centre Pvt. Ltd., Bangalore vs. ITO, Bangalore

In the result, appeal of the Revenue is dismissed and appeal of the assessee is partly allowed

ITA 543/BANG/2015[2010-11]Status: DisposedITAT Bangalore15 Dec 2021AY 2010-11

Bench: Shri N.V. Vasudevan & Shri Chandra Poojari

For Appellant: Smt. Tanmayee Rajkumar, AdvocateFor Respondent: Shri. Sunil Kumar Singh, CIT(DR)(ITAT), Bengaluru

Section 10ASection 143(3)Section 154Section 92C

…sions in support of its claim that the loss incurred due to misappropriation of its funds by its ex-employee ought to be allowed as a deduction: Badridas Daga v. C/T (1958) 34 ITR 10  Kothari & Sons v. CIT (1966) 61 ITR 23  Gothamchand Galada v. C/T (1961) 42 ITR 418.  Without prejudice to the above, if the disallowance of the aforesaid loss incurred due to misappropriation of its funds by its ex-employee were to be upheld by this Hon'ble Tribunal, then it is submitted that since the loss related to its Unit which is eligible for deduction under Section 10A of the Act, the profits of business of the said Unit…

DCIT, Bangalore vs. M/S Sandisk India Device Design Centre Private Limited, Bangalore

In the result, appeal of the Revenue is dismissed and appeal of the assessee is partly allowed

ITA 341/BANG/2015[2010-11]Status: DisposedITAT Bangalore15 Dec 2021AY 2010-11

Bench: Shri N.V. Vasudevan & Shri Chandra Poojari

For Appellant: Smt. Tanmayee Rajkumar, AdvocateFor Respondent: Shri. Sunil Kumar Singh, CIT(DR)(ITAT), Bengaluru

Section 10ASection 143(3)Section 154Section 92C

Ranee Agency, Kolkata vs. ITO., WD - 55(1), Kolkata

In the result, the appeal of the assessee is allowed

ITA 1379/KOL/2016[2008-09]Status: DisposedITAT Kolkata29 Apr 2019AY 2008-09

Bench: Shri A.T.Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1379/Kol/2016 ("नधा"रणवष" / Assessment Year:2008-09)

For Appellant: Shri Utpal Ranjan Dutt, Partner(Ranee Agency)For Respondent: Shri Robin Chowdhury, Addl. CIT Sr. DR

Section 143(1)Section 143(3)Section 156(3)Section 271(1)Section 28Section 29Section 37(1)

…e funds of his employers, and the loss arising from such misappropriation must be held to arise out of the carrying on of business and to be incidental to it. The Madras High Court speaking through Rajagopalan J. in the case of Gothamchand Galada vs CIT [1961]42 ITR 418 made the following observations: "The test to apply in deciding whether a loss sustained by a businessman, when an employee of his embezzles funds left in the charge of that employee, constitutes a trading loss of the business of the employer, is whether the loss was incidental to the carrying on of that business. Was the employment of the employe…