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1971 (4) TMI 33 - ANDHRA PRADESH HIGH COURT
Business loss - gold belonging to the assessee confiscated by the customs authorities - action is taken directly against the property and the confiscation cannot be said to be trading or commercial loss connected with or incidental to the assessee's business - Infraction or violation of the law is not a normal incident of a trade or business and, therefore, the penalty by way of confiscation of the contraband gold is not a commercial loss so as to be allowed as a permissible deduction - Tribunal is justified in law in disallowing the sum of Rs. 56,978 claimed as a business loss for the assessment year 1963-64