https://www.taxtmi.com/caselaws?id=63543 The case involved an appeal by an assessee regarding the treatment of a loss on devaluation claimed for the assessment year 1973-74. The dispute centered on the justification for claiming a notional loss solely due to devaluation without actual transactions. The assessing officer and CIT (Appeals) found the claimed loss inconsistent with the assessee's regular accounting practices, leading to the dismissal of the appeal. The Tribunal emphasized the need for actual losses to be allowed when incurred and upheld the decision to dismiss the appeal, considering the timing of the devaluation event and its accounting implications. en-us Fri, 21 Aug 1987 00:00:00 +0530 Mon, 31 Jan 2011 16:05:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63543 The case involved an appeal by an assessee regarding the treatment of a loss on devaluation claimed for the assessment year 1973-74. The dispute centered on the justification for claiming a notional loss solely due to devaluation without actual transactions. The assessing officer and CIT (Appeals) found the claimed loss inconsistent with the assessee's regular accounting practices, leading to the dismissal of the appeal. The Tribunal emphasized the need for actual losses to be allowed when incurred and upheld the decision to dismiss the appeal, considering the timing of the devaluation event and its accounting implications. Case-Laws Income Tax Fri, 21 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63543