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2014 (10) TMI 793 - GUJARAT HIGH COURTAllowability of business loss u/s 28 - Claim for deduction on gold seized by the Custom Authorities allowable business expenditure or not - Whether the loss incidental to business is allowable u/s 28 and the provision of Section 37(1) of the Income Tax Act, 1961 can override the provision of Section 28 or not – Held that:- Dr. TA Quereshi Versus Commissioner of Income-Tax [2006 (12) TMI 91 - SUPREME Court] the loss which was incurred during the course of business even if the same is illegal is required to be compensated and for the loss suffered by the assessee – Decided in favour of assessee.
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