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1997 (7) TMI 89 - HC - Income TaxExtract: .......olding that the amounts of Rs. 4,63,280 was a loss especially in view of the fact that the assessee was admittedly not carrying on smuggling business as a regular activity? (ii) Whether the loss suffered by confiscation of gold is of an allowable nature or not under the Income-tax Act? The application for calling for a statement of case is allowed.
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