Customs Act with Section 112

Supreme Court disallows business loss claim on confiscated silver: CIT vs. Prakash Chand Lunia (24 April 2023)

/ Customs Act, Customs Act with Section 112, Customs Act with Section 135, Income Tax Act, 1961, Income Tax Act, 1961 with Section 115BBE, Income Tax Act, 1961 with Section 37(1), Income Tax Act, 1961 with Section 69A, Judges, M.M. Sundresh, M.R. Shah

Supreme Court disallows business loss claim on confiscated silver: CIT vs. Prakash Chand Lunia (2023) LEGAL ISSUE: Whether a business can claim a loss for confiscated goods when the confiscation resulted from an illegal activity, even if the business is otherwise legitimate. CASE TYPE: Income Tax Law. Case Name: The Commissioner of Income Tax Jaipur […]

Supreme Court disallows business loss claim on confiscated silver: CIT vs. Prakash Chand Lunia (24 April 2023) Read Post »

Supreme Court Disallows Business Loss Claim on Confiscated Silver: Commissioner of Income Tax vs. Prakash Chand Lunia (2023)

/ Customs Act, Customs Act with Section 104, Customs Act with Section 112, Customs Act with Section 135, Income Tax Act, 1961, Income Tax Act, 1961 with Section 115BBE, Income Tax Act, 1961 with Section 37, Income Tax Act, 1961 with Section 69A, Judges, M. R. Shah, M.M. Sundresh

Supreme Court Disallows Business Loss Claim on Confiscated Silver: Commissioner of Income Tax vs. Prakash Chand Lunia (2023) LEGAL ISSUE: Whether a business can claim a loss for confiscated goods when the goods were seized due to an infraction of the law. CASE TYPE: Income Tax Law Case Name: The Commissioner of Income Tax Jaipur

Supreme Court Disallows Business Loss Claim on Confiscated Silver: Commissioner of Income Tax vs. Prakash Chand Lunia (2023) Read Post »

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