https://www.taxtmi.com/caselaws?id=179084 The tribunal allowed all three appeals of the two assessees, holding in favor of the assessees in each issue considered. The disallowance of claimed loss of stock-in-trade in transit was allowed as a business loss due to confiscation for violation of USA statutory provisions. The estimation of agricultural income was accepted based on the assessee's reasonable claim, despite lack of proper books of account. Additionally, the disallowance of claimed business loss arising from the seizure and confiscation of pharmaceutical goods exported to Mexico was also permitted as a business loss. en-us Wed, 29 Dec 2010 00:00:00 +0530 Fri, 19 Feb 2016 17:29:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179084 The tribunal allowed all three appeals of the two assessees, holding in favor of the assessees in each issue considered. The disallowance of claimed loss of stock-in-trade in transit was allowed as a business loss due to confiscation for violation of USA statutory provisions. The estimation of agricultural income was accepted based on the assessee's reasonable claim, despite lack of proper books of account. Additionally, the disallowance of claimed business loss arising from the seizure and confiscation of pharmaceutical goods exported to Mexico was also permitted as a business loss. Case-Laws Income Tax Wed, 29 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179084