https://www.taxtmi.com/caselaws?id=25001 The court ruled against allowing the deduction of a fine imposed under the Gold (Control) Act as compensatory, holding it was not wholly and exclusively laid out for business purposes. However, the deduction claimed for stolen goods was allowed for the assessment year 1976-77 as recovery became impossible within that year. The court favored the Department on the first issue and the assessee on the second issue, directing each party to bear their own costs. en-us Thu, 12 Nov 1987 00:00:00 +0530 Sat, 23 Jan 2010 17:15:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25001 The court ruled against allowing the deduction of a fine imposed under the Gold (Control) Act as compensatory, holding it was not wholly and exclusively laid out for business purposes. However, the deduction claimed for stolen goods was allowed for the assessment year 1976-77 as recovery became impossible within that year. The court favored the Department on the first issue and the assessee on the second issue, directing each party to bear their own costs. Case-Laws Income Tax Thu, 12 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25001