ALLOWABILITY OF LOSS CLAIMED BY A GOLDMITH ON ACCOUNT OF SEI
Court :
HIGH COURT OF BOMBAY
Brief :
Where the assessee, who is carrying on a lawful business in gold, has committed infraction of law in smuggling gold into the country, loss caused to the assessee pursuant to the confiscation of contraband gold cannot be said to be a trade or commercial loss connected with or incidental to the assessee’s business and consequently, deemed income of the assessee under section 69A cannot be set off against loss due to confiscation of the foreign marked gold bars on the basis of which addition is made in the assessee’s assessment order.
Citation :
Mahendra D. Jain
v.
ITO
ITA NO. 5 OF 2001
September 8, 2008
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CHEZHIYAN
Published in Income Tax
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