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SC: Loss on Confiscation of Smuggled Items by DRI Officials Not ‘Business Loss’ - (27 Apr 2023)

DIRECT TAXATION

Supreme Court has held that loss claimed by the assessee on account of confiscation of smuggled items by the Customs department, can’t be treated as ‘business loss’ under Section 37(1) of the Income Tax Act, 1961.

Tags : SUPREME COURT   SMUGGLED ITEMS   BUSINESS LOSS  

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