NCLAT: Consideration of Debt Restructuring by Lenders Doesn’t Bar Member from Initiating Proceedings  ||  Delhi High Court: In Matters of Medical Evaluation, Courts Should Exercise Restraint  ||  Delhi HC: Any Person in India Has Right to Legally Import Goods from Abroad and Sell the Same  ||  Delhi HC: Waiver to Section 12(5) of Arbitration Act to be Given Once Tribunal is Constituted  ||  Supreme Court Has Asked States to Regularise Existing Court Managers  ||  SC: Union & States to Create Special POSCO Courts on Top Priority  ||  SC Upholds Authority of CERC to Award Compensation for Delays  ||  SC: Arbitral Tribunal Has Discretion to Include in Sum Awarded, Interest at Rate as it Deems Reasonab  ||  SC: Cannot Use Article 142 to Frame Guidelines on Judicial Recusal  ||  SC: Satisfaction Recorder in One EP Won’t Affect Subsequent EPs for Future Breaches    

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  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved