https://www.taxtmi.com/caselaws?id=15062 The court ruled in favor of the Revenue, stating that losses from illegal activities, such as the confiscation of gold by the Customs Department, cannot be deducted from income earned through lawful business activities. Therefore, the loss incurred in the confiscation of gold was not allowed as a deduction from the assessee's business income. en-us Wed, 21 Apr 1999 00:00:00 +0530 Thu, 30 Jul 2009 13:49:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15062 The court ruled in favor of the Revenue, stating that losses from illegal activities, such as the confiscation of gold by the Customs Department, cannot be deducted from income earned through lawful business activities. Therefore, the loss incurred in the confiscation of gold was not allowed as a deduction from the assessee's business income. Case-Laws Income Tax Wed, 21 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15062