Theft case
Kapil Sinha
(Querist) 18 December 2016
This query is : Resolved
What is the procedure to close the theft case by police station when the culprit are not found or the untraceable situation.
The remarks by P.S. the case is untraceable is sufficient to write of the fund by any companies/institute .
Siddharth Dev
(Expert) 18 December 2016
According to the facts which you have mentioned here police cannot do anything else because criminal procedure had been commenced from the date of registration of FIR again it will be not proper to discuss the law but in brief I can tell you in these circumstances court will only issue arrest warrant against the accused and after that rest of the procedure will be initiated against the accused
P. Venu
(Expert) 18 December 2016
Please state the real issue. It appears that you are in a hurry to get the loss due to the alleged theft written off.
Dr J C Vashista
(Expert) 18 December 2016
Incomplete information can not help/lead to form proper opinion and advise for such academic query.
Kumar Doab
(Expert) 18 December 2016
Court acts thru state/police.
If Police is to trace then it will report.
If not traced then report is accordingly.
Does this much serve your purpose of query!
You must full facts of the matter.
R.K Nanda
(Expert) 18 December 2016
state real facts.
malipeddi jaggarao
(Expert) 18 December 2016
As I understand from the query, there occurred a theft in your company and the company gave a police report. The police are unable to trace the stolen property or the thief. How to treat the value of asset in the company's books is your question. Is it? If so, some facts are missing in your query. What is the book value of the asset, and whether police registered FIR? If the book value is meagre, you can obtain a certificate from police that the property is not traceable and you can write-off the asset in the company's book treating it as loss. However, better consult the company's chartered accountants.
Rajendra K Goyal
(Expert) 18 December 2016
It seems some FIR was registered by the company against some person. Police has mentioned that the person / culprit is untraceable and company want to write off the loss. Can get the copy of status report through RTI / Court.
Write off depend on the company policy and accounting system in relation to tax benefit associated with such write off. Company may write off it as loss due to theft remained untraced considering the tax relief in mind after discussion with its tax consultant.
Kumar Doab
(Expert) 18 December 2016
Agreed.
Your tax consultant can advise you further.
Hemant Agarwal
(Expert) 20 December 2016
1. While agreeing to the Opinions of the above Experts, the loss-write-off in the Company's accounting system, CANNOT be done without following due procedure of law, that is:
a) Proper Police Report, of the non-recoverable theft amount /asset,
b) BOD Resolution, to write off the non-recoverable theft amount /asset,
c) Proper Report of the Auditor, to write off the non-recoverable theft amount /asset,
Keep Smiling .... Hemant Agarwal
VISIT: http://www.maharashtra-society-help-forum.com
Kumar Doab
(Expert) 20 December 2016
So place the documents before Board.
