https://www.taxtmi.com/caselaws?id=252659 The Court ruled in favor of the appellant, allowing the appeal and directing the decision in favor of the assessee against the revenue. The judgment emphasized the compensatory nature of business losses, even if incurred illegally, and supported the appellant's claim for deduction related to the seized gold. This decision overturned the Tribunal's ruling and favored the appellant in the dispute over the deduction claim for business losses under the Income Tax Act, 1961. en-us Thu, 16 Oct 2014 00:00:00 +0530 Thu, 30 Oct 2014 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252659 The Court ruled in favor of the appellant, allowing the appeal and directing the decision in favor of the assessee against the revenue. The judgment emphasized the compensatory nature of business losses, even if incurred illegally, and supported the appellant's claim for deduction related to the seized gold. This decision overturned the Tribunal's ruling and favored the appellant in the dispute over the deduction claim for business losses under the Income Tax Act, 1961. Case-Laws Income Tax Thu, 16 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252659