https://www.taxtmi.com/caselaws?id=59763 Loss from confiscation of imported goods was treated as a deductible revenue loss where the imports were made under valid licences in the ordinary course of business and the confiscation arose from a description dispute, not from any intentional unlawful conduct by the assessee. Because the loss arose during the relevant previous year and the assessee followed the mercantile system, it had to be recognised in the accounts. The outgo was not penal in character and was therefore allowable in computing business income; the disallowance was unsustainable. en-us Thu, 31 Dec 1981 00:00:00 +0530 Sat, 01 Jan 2011 10:59:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59763 Loss from confiscation of imported goods was treated as a deductible revenue loss where the imports were made under valid licences in the ordinary course of business and the confiscation arose from a description dispute, not from any intentional unlawful conduct by the assessee. Because the loss arose during the relevant previous year and the assessee followed the mercantile system, it had to be recognised in the accounts. The outgo was not penal in character and was therefore allowable in computing business income; the disallowance was unsustainable. Case-Laws Income Tax Thu, 31 Dec 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59763