Mahendra Jain Vs. ITO
Last updated: 23 September 2008
Court :
Mumbai High Court
Brief :
Where the assessee is carrying on an illegal activity which is treated as a business, any loss arising in such business as a result of confiscation by the authorities is an allowable loss. However, where the assessee is carrying on a lawful business, any loss arising as a result of infraction of the law is not allowable.
Citation :
Yet be reported.
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Taxguy
Published in Income Tax
Views : 78
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