2001 (5) TMI 30

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....ncome-tax Act, 1961 (in short "the Act"), the following question has been referred for the opinion of this court: "Whether, on the facts and circumstances of the case, the Tribunal was justified in holding that the sum of Rs.14,000 being the fine paid by the assessee in lieu of confiscation of the goods, could not be taken into account as part of the actual cost of the goods and consequently wa....

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....they were of very precious metal. The assessee preferred appeal before the Commissioner of Income-tax (Appeals). The said authority sustained the loss to the extent of Rs.14,000 on a different ground, viz., that the said amount represented penalty imposed on the assessee for violation of the customs laws in 1973 when these were purchased and the said amount of Rs.14,000 could not be regarded as th....