Supreme Court: Silver bar confiscation not deductible u/s 37(1) of Income Tax Act as business expense.

Supreme Court: Silver bar confiscation not deductible u/s 37(1) of Income Tax Act as business expense. https://www.taxtmi.com/highlights?id=69437 Loss of confiscation of silver bars by DRI officials - Whether allowable business expenditure u/s 37(1) - A penalty or a confiscation is a proceeding in rem, and therefore, a loss in pursuance to the same is not available for deduction regardless of the nature of business, as a penalty or confiscation cannot be said to be incidental to any business - SC en-us Wed, 26 Apr 2023 15:22:01 +0530 Wed, 26 Apr 2023 15:22:01 +0530 TaxTMI RSS Generator Supreme Court: Silver bar confiscation not deductible u/s 37(1) of Income Tax Act as business expense. https://www.taxtmi.com/highlights?id=69437 Loss of confiscation of silver bars by DRI officials - Whether allowable business expenditure u/s 37(1) - A penalty or a confiscation is a proceeding in rem, and therefore, a loss in pursuance to the same is not available for deduction regardless of the nature of business, as a penalty or confiscation cannot be said to be incidental to any business - SC Highlights Income Tax Wed, 26 Apr 2023 15:22:01 +0530 https://www.taxtmi.com/highlights?id=69437