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S. B. SINHA, MARKANDEY KATJU
T. A. Quereshi – Appellant
Versus
Commissioner of Income Tax, Bhopal – Respondent
JUDGMENT
Markandey Katju, J. - Leave granted.
2. This appeal has been filed against the impugned judgment dated 29.11.2004 passed by the Madhya Pradesh High Court in I.T.A. No. 33 of 1999.
3. Heard learned counsel for the parties and perused the record.
4. The appellant is an assessee. He is a doctor by profession at a place called Garoth in District Mandsaur. On 18.7.1985, CBI sleuths arrested the appellant while transporting a huge quantity of contraband article (the narcotic drugs heroin) in a Jeep (Jonga) RSO 3592. This led to further raid in his residential premises. In this raid, one clandestine laboratory to manufacture heroin powder along with several contraband drugs was recovered. All these contraband articles were seized and proceedings under the NDPS Act were initiated against the assessee. We are not concerned with these proceedings.
5. So far as proceedings under the Income Tax Act are concerned, with which we are concerned, the assessee-appellant filed his return for the Assessment Year 1986-87. In this assessment the assessee claimed that since the heroin seized from him forms part of his stock in trade hence its loss on account of seizure is an allowable deduction w
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