Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2006 (12) TMI 91 - SC - Income Tax
Assessee claimed that since the heroin seized from him forms part of his stock-in-trade hence its loss on account of seizure is an allowable deduction while computing his profits and gains of business/profession - Once it is found that the heroin seized formed part of the stock-intrade of the assessee, it follows that the seizure and confiscation of such stock-in-trade has to be allowed as a business loss. Loss of stock-in-trade has to be considered as a trading loss