1,06,000 and some ornaments etc.
Appeal from the judgment and decree dated December 19, 1960 of the Allahabad High Court in Income tax Reference No.
there was a dacoity in the Bank and the dacoits carried away the cash amounting to Rs.
V. Viswanatha Sastri and Naunit Lal, for the respondent.
N. Rajagopala Sastri, R. H. Dhebar and R. N. Sachthey, for the appellant.
On June 11, 1951, at about 7 P.m.
The Income tax Officer disallowed the claim on the ground that it was number a loss incidental to the banking business.
The facts relevant to the question raised may be briefly state .
CIVIL APPELLATE JURISDICTION Civil Appeal No.
In the usual companyrse of its business large amounts were kept in various safes in the premises of the Bank.
For the assessment year 1952 53 the Bank claimed the said amount as a deduction in companyputing its income from the banking business on the ground that it was a trading loss.
The Judgment of the Court was delivered by Subba Rao J. This appeal by certificate raises the question whether loss of cash by dacoity is an admissible deduction under S. 10 1 of the Indian Income tax Act, 1922, hereinafter called the Act, in companyputing the assessees income in a banking business.
Hence the appeal.
938 of 1963.
On appeal, the Appellate Assistant Commissioner of Income tax, and on further appeal, the Income tax Appellate Tribunal, companyfirmed that finding.
It is a puplic limited companypany which carries on the business of banking.
The assessee is the Nainital Bank Limited.
It has various branches and one of them is situated at Ramnagar.
1588 of 1956.
pledged with the Bank.
