TMI Blog1985 (7) TMI 56X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 explanation offered by the assessee that the said gold bars were delivered to him by one Champat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal 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 was never challenged by the Revenue at any stage. In view of this finding, the learned counsel for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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