| COURT: | |
| CORAM: | |
| SECTION(S): | |
| GENRE: | |
| CATCH WORDS: | |
| COUNSEL: | |
| DATE: | (Date of pronouncement) |
| DATE: | September 13, 2008 (Date of publication) |
| AY: | |
| FILE: | |
| CITATION: | |
(i) Where the assessee is carrying on an illegal activity which is treated as a business, any loss arising in such business as a result of confiscation by the authorities is an allowable loss. However, where the assessee is carrying on a lawful business, any loss arising as a result of infraction of the law is not allowable.
(ii) The amount assessed as undisclosed income u/s 69A has to be assessed as ‘income from other sources’ and not as ‘business income’.

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