https://www.taxtmi.com/caselaws?id=26324 The High Court held that the confiscated gold's value should be considered a business loss directly related to smuggling activities. The assessee was entitled to set off the loss against the income brought to tax, contrary to the Tribunal's decision. The Supreme Court's ruling supported this, emphasizing that confiscation in pursuit of illegal activities constitutes a loss incidental to the business. Thus, the assessee prevailed, and the first issue was decided in their favor, making the second issue moot. en-us Tue, 18 Dec 1984 00:00:00 +0530 Thu, 04 Feb 2010 12:22:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26324 The High Court held that the confiscated gold's value should be considered a business loss directly related to smuggling activities. The assessee was entitled to set off the loss against the income brought to tax, contrary to the Tribunal's decision. The Supreme Court's ruling supported this, emphasizing that confiscation in pursuit of illegal activities constitutes a loss incidental to the business. Thus, the assessee prevailed, and the first issue was decided in their favor, making the second issue moot. Case-Laws Income Tax Tue, 18 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26324