https://www.taxtmi.com/caselaws?id=281879 The Court dismissed the appeal, upholding the disallowance of the redemption fine deduction under section 69A, clarifying the nature of the deduction claim and the assessment of seized gold ornaments. The appellant's claim for deduction of the redemption fine as a business loss was rejected, as the Court deemed it penal in nature and not allowable under section 69A. The Court emphasized that section 69A does not permit deductions while assessing unexplained income, affirming that the redemption fine is not an admissible claim under the said provision. en-us Tue, 26 May 2009 00:00:00 +0530 Wed, 10 Jul 2019 15:29:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281879 The Court dismissed the appeal, upholding the disallowance of the redemption fine deduction under section 69A, clarifying the nature of the deduction claim and the assessment of seized gold ornaments. The appellant's claim for deduction of the redemption fine as a business loss was rejected, as the Court deemed it penal in nature and not allowable under section 69A. The Court emphasized that section 69A does not permit deductions while assessing unexplained income, affirming that the redemption fine is not an admissible claim under the said provision. Case-Laws Income Tax Tue, 26 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281879