2014 (10) TMI 793

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..... – 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. - Tax Appeal No. 107 of 2004 - - - Dated:- 16-10-2014 - KS Jhaveri And K. J. Thaker,JJ. For the Petit .....

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..... cts giving rise to the Appeal are that :- The appellant an individual deals in bullion and gold jewellery. On 12.01.1999, a search was carried out on the residential as well as the business premises of the appellant and substantial quantities of bullion was found and seized by the Income Tax Department. On 18.01.1999, notice under Section 158BC was issued and in response, the return for the b .....

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..... the contentions and explanations supported by documentary evidence on record to impress upon the Hon'ble Tribunal that claim for deduction of ₹ 40,34,898/- on account of gold seized by the Custom Authorities was an allowable business expenditure under the Income Tax, 1961. However, the Tribunal dismissed the appeal of the appellant. 4. Learned Counsel for the appellant contended that .....

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