Mahendra D. Jain vs. ITO (Bombay High Court)
Where the assessee is carrying on an illegal activity which is treated
as a business, any loss arising in such business as a result of
confiscation by the authorities is an allowable loss. However, where
the assessee is carrying on a lawful business, any loss arising as a
result of infraction of the law is not allowable... .......
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legal vs illegal
Replies (4)
What's UR query?
What's UR query?
there is no query.
I thought this is an interesting case (Mahendra D. Jain vs. ITO (Bombay High Court) law which i should share in the forum hence i posted it.
Thanks . Interesting case law.
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