SC: Loss on Confiscation of Smuggled Items by DRI Officials Not ‘Business Loss’ - 27.04.2023

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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