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1984 (12) TMI 15 - HC - Income TaxExtract: .......seized from him and confiscated. The value of the confiscated gold should be considered as a business loss which springs directly from carrying on of his activities of smuggling. In the result, we answer the first question in the negative and in favour of the assessee. In the view that we have taken, the second question does not call for an answer.
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