https://www.taxtmi.com/caselaws?id=180992 A legal plea may be raised for the first time before the Tribunal where the necessary material is already on record, the plea arises from those facts, and no prejudice results from its earlier omission. Confiscation of gold and silver articles is deductible as a business loss only where it directly arises from, and is incidental to, the very illegal business carried on. The Piara Singh principle does not apply without material establishing that the assessee carried on smuggling and that the confiscated assets were lost in that business's ordinary course. The deduction was therefore not allowable under section 37. en-us Wed, 12 Jul 1995 00:00:00 +0530 Tue, 05 Apr 2016 16:31:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180992 A legal plea may be raised for the first time before the Tribunal where the necessary material is already on record, the plea arises from those facts, and no prejudice results from its earlier omission. Confiscation of gold and silver articles is deductible as a business loss only where it directly arises from, and is incidental to, the very illegal business carried on. The Piara Singh principle does not apply without material establishing that the assessee carried on smuggling and that the confiscated assets were lost in that business's ordinary course. The deduction was therefore not allowable under section 37. Case-Laws Income Tax Wed, 12 Jul 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180992