Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ACCOUNTING STANDARDS :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: VAT Audit :: list of goods taxed at 4% :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

Goldsmith can't claim I-T exemption on confiscated gold: Bombay HC
September, 13th 2008

A smuggler can avail I-T exemption for business loss if the gold he has smuggled is confiscated, but a licensed goldsmith can't seek such a benefit as he is not expected to deal in illegal gold that stands the risk of being seized, the Bombay High Court has held.

The case before the High Court pertained to Income Tax assessment of Mahendra Jain, a Mumbai-based goldsmith, who possessed a licence under the Gold Control Act. Under the licence, Jain was not allowed to sell or buy gold and was authorised only to make ornaments from gold given by clients.

In April 1991, Directorate of Revenue Intelligence raided Jain's shop and seized bars of gold with foreign marks worth about Rs three lakh.

Jain pleaded that gold bars were given to him by one Raju from Bangalore to make ornaments. But Additional Commissioner of Customs did not accept this claim, and confiscated the gold as contraband.

When the IT officer assessed Jain's income for the financial year 1992-1993, the value of gold bars was added as 'income from undisclosed sources'.

Jain appealed against this addition. Before the Income Tax Appellate Tribunal, he also pleaded that if the value of gold bars was to be added as income, then the same must also be deducted as business loss, because the gold was confiscated and never returned to him. The Tribunal rejected this argument.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions