Supreme Court: Companies Can Face Prosecution Without Individual Officers Being Named  ||  SC: Penalties on Insolvent Developers cannot be Recovered from Homebuyers as CIRP Costs  ||  Allahabad HC: ‘Sar Tan Se Juda’ Hits Sovereignty, Unlike ‘Allahu-Akbar’, ‘Jai Shri Ram’  ||  Kerala High Court: Married Woman Cannot Claim Sex Was Based Solely on Promise of Marriage  ||  Madras High Court Refuses Equal Recitation of Tamil Hymns With Sanskrit at Meenakshi Temple  ||  Delhi HC: Absence of ‘Penetration’ In Child Victim’s Testimony Not Enough to Acquit Rape Accused  ||  J&K High Court: Possession of Allegedly Anti-National Book Cannot Justify Preventive Detention  ||  Delhi High Court: DNA Evidence Proves Sexual Intercourse, Not Consent  ||  Madras High Court Upholds Appointment of District Judges as Tamil Nadu Lokayukta Secretary  ||  Allahabad High Court: IO’s Mere Apprehension Cannot Justify Withholding Seized Items    

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 2026 - All Rights Reserved