Asessee had claimed deduction of loss incurred due to embezzlement of funds by a third party

Where assessee claimed deduction of loss incurred due to embezzlement of funds by a third party, in view of fact that criminal proceedings were pending against accused and, assessee's liability in respect of said loss had not crystallised during assessment year in question, its claim was to be disallowed - [2010] 8 TAXMANN.COM 282 (MUM. - ITAT)