https://www.taxtmi.com/caselaws?id=57042 A confiscation loss in gold bullion was treated as deductible only where it arose in the course of an established business activity. Because no direct or circumstantial evidence showed a regular smuggling business or any continuing illegal trade nexus, the claimed loss was rejected as not comparable to cases where such business was proved. In the absence of proof of lawful source or business connection, possession of the bullion attracted the deeming operation of section 69A of the Income-tax Act, 1961. The value of the seized gold was therefore assessed as unexplained income, and the presumption of ownership arising from possession was not rebutted by credible evidence. en-us Fri, 01 Jan 1999 00:00:00 +0530 Wed, 08 Dec 2010 10:41:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57042 A confiscation loss in gold bullion was treated as deductible only where it arose in the course of an established business activity. Because no direct or circumstantial evidence showed a regular smuggling business or any continuing illegal trade nexus, the claimed loss was rejected as not comparable to cases where such business was proved. In the absence of proof of lawful source or business connection, possession of the bullion attracted the deeming operation of section 69A of the Income-tax Act, 1961. The value of the seized gold was therefore assessed as unexplained income, and the presumption of ownership arising from possession was not rebutted by credible evidence. Case-Laws Income Tax Fri, 01 Jan 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57042