1989 (1) TMI 27

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..... al, Amritsar, has referred the following question "Whether, on the facts and circumstances of the case, the Tribunal is right in holding that the addition under section 69A of the Income-tax Act on account of value of gold biscuits Rs. 42,000 seized by the customs authorities cannot be allowed deduction as a business loss ?" The assessee was carrying on sarafa business. Sushil Kumar, one of th .....

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..... med deduction of the value of the gold as a trading loss under section 37 of the Income-tax Act, 1961 (for short "the Act"), in view of the confiscation order passed by the Customs Department which was disallowed by all the authorities up to the Tribunal, and, on these facts, this court issued mandamus and got the question referred, as has been noticed above. The matter is now covered by two dec .....

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