https://www.taxtmi.com/caselaws?id=58092 Voluntary disclosure under the scheme was confined to the income actually disclosed and did not extend to the market value of the gold ornaments in which that income was invested. Where the assessment treated the seized gold and ornaments as unexplained investment deemed as income under section 69, the principle permitting deduction of expenses incidental to an unproved illegal business did not apply. The redemption fine and penalty paid under the Gold (Control) Act were therefore not deductible as business expenditure or business loss, and the disallowance was sustained. en-us Thu, 13 Aug 1987 00:00:00 +0530 Fri, 17 Dec 2010 13:02:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58092 Voluntary disclosure under the scheme was confined to the income actually disclosed and did not extend to the market value of the gold ornaments in which that income was invested. Where the assessment treated the seized gold and ornaments as unexplained investment deemed as income under section 69, the principle permitting deduction of expenses incidental to an unproved illegal business did not apply. The redemption fine and penalty paid under the Gold (Control) Act were therefore not deductible as business expenditure or business loss, and the disallowance was sustained. Case-Laws Income Tax Thu, 13 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58092