Rahul Bansal (Finalist) (35929 Points)
23 August 2012
* Krishna *
(CA Student)
(6149 Points)
Replied 23 August 2012
Going through below link will put an end to your query.
https://articles.economictimes.indiatimes.com/2006-12-10/news/27436478_1_heroin-illegal-manufacturing-trade
CA SHABIR
(CA)
(336 Points)
Replied 23 August 2012
Yes Rahul. As per my opinion ur statement is correct and can be setoff against any other business loss. My this decision is based on Apex Court's decision in the case of T.A. Qureshi. In this case it was held that the loss of herione is a business loss and can be climed as deduction. Hope I answer the question.
Thanks
Rahul Bansal
(Finalist)
(35929 Points)
Replied 23 August 2012
Thanks both of u.
My query is resolved...........
Yes, U r correct Shabir Ji........