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2008 (9) TMI 500 - BOMBAY HIGH COURTUnexplained Money- Whether the deemed income under section 69A can be set off against the loss due to the confiscation of the very same foreign marked gold bars on the basis of which addition is made? The Commissioner (Appeals) did not accept the contention of the assessee that the gold bars did not belong to him and dismissed the appeal filed by him. An appeal was filed before the Tribunal contending that even assuming that the amount was to be added to the income of assessee, as the gold was confiscated and never returned by customs authorities it had to be treated as business loss. The Tribunal did not accept the contention of the assessee. Held that- the loss caused to the assessee pursuant to the confiscation of contraband gold could not be said to be a trade or commercial loss connected with or incidental to business. The revenue had correctly treated the value of gold as income of the assessee from undisclosed sources and he was not entitled to deduction on the ground of business loss.
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