https://www.taxtmi.com/caselaws?id=27300 The court held that the confiscated rice value could not be claimed as a business loss under the Income Tax Act. The confiscation was deemed a consequence of a legal violation, not a deductible business loss. The judgment favored the Revenue, denying the firm's claim for the confiscated rice value as a business loss or expense under the Act. The court refused oral leave to appeal to the Supreme Court, finding no substantial question of law warranting further consideration. en-us Mon, 22 Oct 1984 00:00:00 +0530 Fri, 12 Feb 2010 10:32:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27300 The court held that the confiscated rice value could not be claimed as a business loss under the Income Tax Act. The confiscation was deemed a consequence of a legal violation, not a deductible business loss. The judgment favored the Revenue, denying the firm's claim for the confiscated rice value as a business loss or expense under the Act. The court refused oral leave to appeal to the Supreme Court, finding no substantial question of law warranting further consideration. Case-Laws Income Tax Mon, 22 Oct 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27300