https://www.taxtmi.com/caselaws?id=214196 The High Court of Andhra Pradesh addressed the Revenue's grievance over an order by the Income Tax Appellate Tribunal concerning an assessment year. The case involved the confiscation of goods during transit by the USA Customs, claimed as a business loss by the assessee. The Tribunal ruled in favor of the assessee, considering the confiscated goods as stock in trade per Supreme Court precedents. Despite conflicting decisions, the High Court upheld the Tribunal's decision, citing relevant case laws and dismissing the appeal, emphasizing the treatment of confiscation as a business loss. en-us Fri, 24 Feb 2012 00:00:00 +0530 Fri, 25 Oct 2013 16:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214196 The High Court of Andhra Pradesh addressed the Revenue's grievance over an order by the Income Tax Appellate Tribunal concerning an assessment year. The case involved the confiscation of goods during transit by the USA Customs, claimed as a business loss by the assessee. The Tribunal ruled in favor of the assessee, considering the confiscated goods as stock in trade per Supreme Court precedents. Despite conflicting decisions, the High Court upheld the Tribunal's decision, citing relevant case laws and dismissing the appeal, emphasizing the treatment of confiscation as a business loss. Case-Laws Income Tax Fri, 24 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214196