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TMI Blog2014 (11) TMI 1234X X X X Extracts X X X X X X X X Extracts X X X X ..... RT ] as relying on case of Dr. TA Quereshi [ 2006 (12) TMI 91 - Supreme Court ] 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. 1062 of 2005 - - - Dated:- 5-11-2014 - HONOURABLE MR.JUSTICE KS JHAVERI And HONOURABLE MR.JUSTICE K.J.TH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1961 cannot override the provision of section 28? 3. The business premises of the appellant was raided by the police on 19.06.1993 and on finding foreign made computer parts and air conditioner the police informed the Customs Department. The Assessing Officer assessed the total income of the assessee after the raid to be around ₹ 1,39,69,385/-. The appellant preferred appeal before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - Whether, on the facts and in the circumstances of the case, the Tribunal has substantially erred in disregarding the fact that business is being carried on by the appellant and hence, the loss incidental to business is allowable u/s 28 and the provision of Section 37(1) of the Income Tax Act, 1961 cannot override the provision of Section 28? 3.The facts giving rise to the Appeal are that :- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... One of the disallowance was pertaining to the claim of deduction of ₹ 40,34,898/- on account of gold seized by the Custom Authorities. The appellant preferred first appeal before the learned CIT (Appeals) who confirm the allowances by rejecting the contentions of the appellant. The appellant preferred second appeal before the Tribunal and raised the contentions and explanations supported ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng for the parties, this Appeal is answered in favour of the assessee and against the revenue. 6.The Appeal is allowed to the aforesaid extent. 5. In view of the aforesaid decision, since the present appeal is also governed by the same set of facts, this appeal also deserves to be answered in favour of the assessee and against the revenue. Present appeal is therefore allowed to the aforesai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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