https://www.taxtmi.com/caselaws?id=17293 Confiscation of smuggled gold was considered in the context of whether the resulting loss could be treated as a capital loss or otherwise allowed under the Incometax Act. The High Court noted that the Tribunal had treated the confiscated amount as a loss after it had earlier been added as unexplained investment, but the legal character of such a loss was said to raise a substantial question of law. Public policy and the smuggled nature of the goods were identified as relevant to whether the loss was deductible or set off. The Court did not decide the merits and instead directed the Tribunal to prepare and transmit a statement of case under section 256(2). en-us Tue, 29 Jul 1997 00:00:00 +0530 Mon, 21 Sep 2009 13:26:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17293 Confiscation of smuggled gold was considered in the context of whether the resulting loss could be treated as a capital loss or otherwise allowed under the Incometax Act. The High Court noted that the Tribunal had treated the confiscated amount as a loss after it had earlier been added as unexplained investment, but the legal character of such a loss was said to raise a substantial question of law. Public policy and the smuggled nature of the goods were identified as relevant to whether the loss was deductible or set off. The Court did not decide the merits and instead directed the Tribunal to prepare and transmit a statement of case under section 256(2). Case-Laws Income Tax Tue, 29 Jul 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17293