https://www.taxtmi.com/caselaws?id=76889 The court held that the deemed income under section 69A could not be set off against the loss arising from the confiscation of foreign marked gold bars. The Tribunal upheld the addition of the confiscated gold value as income from undisclosed sources, denying the assessee's claim for it to be treated as a business loss. Citing legal precedents, the court emphasized that losses from illegal activities cannot be considered business losses when the assessee is engaged in a lawful business. The appeal was dismissed in favor of the Revenue, with no costs awarded to the assessee. en-us Mon, 08 Sep 2008 00:00:00 +0530 Mon, 26 Jul 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76889 The court held that the deemed income under section 69A could not be set off against the loss arising from the confiscation of foreign marked gold bars. The Tribunal upheld the addition of the confiscated gold value as income from undisclosed sources, denying the assessee's claim for it to be treated as a business loss. Citing legal precedents, the court emphasized that losses from illegal activities cannot be considered business losses when the assessee is engaged in a lawful business. The appeal was dismissed in favor of the Revenue, with no costs awarded to the assessee. Case-Laws Income Tax Mon, 08 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76889