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2013 (6) TMI 274 - HC - Income TaxLoss on account of confiscating of goods by customs authority - whether in the nature of Penalty - deduction u/s 37(1) - held that:- the Apex Court in Maddi Venkataraman & Co. (P) Ltd's case (1997 (12) TMI 3 - SUPREME Court), delving into the issue whether the benefit of deduction under one statute where any expenditure is stated to have been incurred in violations of another statute was admissible had held that the expenditure could not be said to be wholly and exclusively laid out for the purpose of assessee's business and was inadmissible. The loss in the nature of penalty - evasion of law can not be a trade pursuit - Not allowed to be deducted - decided against the assessee.
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