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’.
Recent Comments