1985 (7) TMI 56

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....see was apprehended on March 20, 1974, by the customs authorities near village Ismalla on Delhi-Rohtak Road, while he was going to Rohtak on a scooter. As a result of the search of the scooter, a specially designed cavity in the foot-board near the foot-brake covered with rubber mat was discovered and from its search, 10 gold bars weighing 10 tolas each bearing Swiss markings were recovered. The e....

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....ed to this court: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessee is entitled to the deduction of the value of the gold bars seized from him as trading loss ?" The finding recorded by the assessing authority was that the assessee had been carrying on smuggling of gold for the last several years and this finding....