1989 (10) TMI 46

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....s doing business in copper bars. He imported two consignments of copper bars from the United States of America. The value thereof was U. S. dollars 35,411. They were shipped by the vessel "Steel Vendor". It sailed via Karachi and the copper bars were, in September, 1965, seized by the Pakistani authorities due to the hostilities then current between Pakistan and India as being articles destined fo....

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....ted that contention and brought the said amount to tax on the ground that it was a trading receipt. In the assessee's appeal, the Appellate Assistant Commissioner accepted the contention raised by the assessee but, in the Revenue's appeal therefrom, the Income-tax Appellate Tribunal reversed the Appellate Assistant Commissioner's order holding that the said amount was a trading receipt. Out of ....

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....om), the Division Bench (of which one of us, Bharucha J. was a member) set out the applicable judgments, particularly that of the Supreme Court in Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1. It was noted there that it was not the factor or the circumstance which caused the loss that was material but whether there was a loss which had been occasioned in the course of carrying on of the busine....