https://www.taxtmi.com/caselaws?id=184924 The assessee's appeal was partly allowed, specifically regarding the business loss on confiscated silver stock. The Tribunal upheld the deduction, considering the silver as part of the stock-in-trade and referencing relevant case law. The disallowance of telephone expenses was upheld due to lack of substantiating records. The penalty under s. 271(1)(c) was deleted as the loss was deemed a business loss and not inaccurate particulars of income. The Revenue's appeal was dismissed, affirming the Tribunal's decision on the key issues. en-us Fri, 25 May 2012 00:00:00 +0530 Mon, 25 Jul 2016 13:00:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184924 The assessee's appeal was partly allowed, specifically regarding the business loss on confiscated silver stock. The Tribunal upheld the deduction, considering the silver as part of the stock-in-trade and referencing relevant case law. The disallowance of telephone expenses was upheld due to lack of substantiating records. The penalty under s. 271(1)(c) was deleted as the loss was deemed a business loss and not inaccurate particulars of income. The Revenue's appeal was dismissed, affirming the Tribunal's decision on the key issues. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184924