Allowability of business expense

Last updated: 12 June 2007

Court :
High court

Brief :

Citation :
C.I.T. Vs. Hiranand 10/17/2003 (2005) 148 Taxman 281(Raj.)

Case Fact: Whether losses arising to assessee out of business of smuggling gold were deductible from value of gold added in his income as unexplained investment. Decision: Held by ho"ble court that it was clear that assessee had been carrying on illegal business of smuggling gold. Thus, loss due to confiscation of gold had to be deducted from value of gold included in assessee"s income.