https://www.taxtmi.com/caselaws?id=63961 Relinquishment of title to imported goods under the Customs Act did not, by itself, create an immediately deductible trading loss. The statutory framework allowed customs and port authorities to dispose of the goods only through prescribed procedures, and any sale proceeds could still yield a surplus payable to the importer after statutory dues and expenses. Because the goods had not been sold during the relevant accounting period and no actual loss had crystallised, the assessee failed to establish an allowable loss. The trading loss claim was therefore rejected and the disallowance sustained. en-us Thu, 24 Oct 1991 00:00:00 +0530 Wed, 02 Feb 2011 18:24:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63961 Relinquishment of title to imported goods under the Customs Act did not, by itself, create an immediately deductible trading loss. The statutory framework allowed customs and port authorities to dispose of the goods only through prescribed procedures, and any sale proceeds could still yield a surplus payable to the importer after statutory dues and expenses. Because the goods had not been sold during the relevant accounting period and no actual loss had crystallised, the assessee failed to establish an allowable loss. The trading loss claim was therefore rejected and the disallowance sustained. Case-Laws Income Tax Thu, 24 Oct 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63961