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<h1>Indian High Court: Rupee devaluation losses deductible, unremitted profits loss not</h1> The High Court of Bombay held that losses from the devaluation of the Indian rupee were allowable as revenue deductions. However, the loss from the ... Loss The High Court of Bombay ruled that losses from devaluation of Indian rupee were allowable as revenue deductions. However, loss from devaluation of unremitted profits was not considered an allowable revenue loss. The court distinguished the case from a Supreme Court decision and ruled against the assessee.
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