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2005 (8) TMI 76 - BOMBAY HIGH COURTLoss - foreign currency of Rs. 4,56,980 confiscated from the assessee – allowablility as a loss - his subsequent detention under the COFEPOSA Act confirmed that he was treated as a smuggler and the business of the assessee was that of smuggling and, therefore, the foreign currency recovered from Aboobakar, a co-conspirator of the assessee was the amount involved in the smuggling activity and the confiscation of the said amount was, therefore, business loss suffered by the assessee in conducting his business of smuggling. - The business of the assessee was smuggling of foreign currency, the confiscation of foreign currency equivalent to Indian Rs. 4,56,000 was, therefore, a loss of stock-in-trade of the assessee
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