https://www.taxtmi.com/article/detailed?id=105 Business losses are distinct from business expenditures and are deductible when established as losses suffered in the course of business; the Explanation to section 37(1) constrains deductions for expenditures linked to offences but does not apply to trading losses. Seizure or confiscation of items that formed part of stock in trade is to be treated as a trading loss deductible in computing business income under section 28 read with section 145, provided accounting treatment and surrounding facts establish it as such. en-us Sat, 14 Jun 2008 00:00:00 +0530 Fri, 06 Mar 2009 13:13:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=105 Business losses are distinct from business expenditures and are deductible when established as losses suffered in the course of business; the Explanation to section 37(1) constrains deductions for expenditures linked to offences but does not apply to trading losses. Seizure or confiscation of items that formed part of stock in trade is to be treated as a trading loss deductible in computing business income under section 28 read with section 145, provided accounting treatment and surrounding facts establish it as such. Articles Income Tax Sat, 14 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=105