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2017 (1) TMI 173 - HC - Income TaxAddition u/s 69A - unexplained silver bars discovered in search - Held that:- When the material which has been recovered for the rental premises of the assessee, the same is added to his income as a natural consequence and thus loss by confiscation by the DRI official of the Custom Department is business loss. In view of the decision in Commissioner of Income Tax, Patiala Vs. Piara Singh [1980 (5) TMI 2 - SUPREME Court] , the issue is required to be answered in favour of the assessee. Therefore, the issue referred by the Tribunal is decided in favour of the assessee.In view of the answer to the reference, penalty order of the Tribunal is required to be quashed and set aside and the matter is required to be remitted back to the Tribunal for deciding both the matters together as one issue is answered in favour of the assessee.
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