Imported Goods confiscated by custom authorities is ______________.

Capital Expenditure

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Revenue Expenditure

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Deferred Revenue Expenditure

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Revenue Loss

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Solution

The correct option is B Revenue Loss
CONFISCATION OF GOODS UNDER CUSTOMS ACT, 1962. Section 110 of Customs Act, 1962 provides for seizure of goods, documents and things. Section 110 (1) provides that if the proper officer has reason to believe that any goods are liable to confiscation under this Act, he may seize such goods and is Revenue loss.

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