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TMI Blog2012 (6) TMI 508X X X X Extracts X X X X X X X X Extracts X X X X ..... a business loss the Tribunal held that the confiscation of the pharmaceutical drugs exported by the assessee must be treated as a loss of stock in trade - no substantial question of law arises for consideration - I.T.T.A. No.582 of 2011 - - - Dated:- 24-2-2012 - SHRI MADAN B. LOKUR, J. COUNSEL FOR APPELLANT: Sri B. Narasimha Sarma, Standing Counsel for Income Tax Department COUNSEL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loss before the Assessing Officer as a bad debt and alternatively loss of stock in trade. The Assessing Officer decided against the assessee. The Commissioner of Income Tax (Appeals) also decided against the assessee which led him to file an appeal before the Tribunal. 4. The Tribunal found as a matter of fact that the goods were stock in trade of the assessee. It was also found as a fact that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se currency notes were seized and accordingly, Piara Singh claimed loss of those currency notes as a business loss. The Supreme Court held that the loss arising out of confiscation of currency notes must be allowed as a business loss. 7. Following the decision in Piara Singh (supra), the Supreme Court held in T.A. Quereshi (supra) that since the stock in trade of Quereshi was seized and confisca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing that the value of the stock written off by the assessee was allowable as a deduction. 10. As mentioned above, there is no discussion on the subject in the decision rendered by this Court. The Division Bench of this Court also did not consider the law laid down by the Supreme Court in Piara Singh (supra). In any case, the decision rendered by this Court is now deemed to be overruled by the su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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