Loss of confiscation of silver bars by DRI officials - Whether allowable business expenditure u/s 37(1)...

Loss of confiscation of silver bars by DRI officials - Whether allowable business expenditure u/s 37(1) - A penalty or a confiscation is a proceeding in rem, and therefore, a loss in pursuance to the same is not available for deduction regardless of the nature of business, as a penalty or confiscation cannot be said to be incidental to any business - SC .....

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