https://www.taxtmi.com/caselaws?id=64511 The Tribunal allowed the assessee's claim for deduction of the exchange loss in the year the fluctuation occurred, aligning with the mercantile system of accounting. The assessing officer was directed to adjust any benefits in the year of remittance under section 41(1) and make suitable adjustments in the closing stock valuation if any raw material remained, without addressing liability reduction due to devaluation. en-us Thu, 28 Nov 1996 00:00:00 +0530 Tue, 08 Feb 2011 12:29:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64511 The Tribunal allowed the assessee's claim for deduction of the exchange loss in the year the fluctuation occurred, aligning with the mercantile system of accounting. The assessing officer was directed to adjust any benefits in the year of remittance under section 41(1) and make suitable adjustments in the closing stock valuation if any raw material remained, without addressing liability reduction due to devaluation. Case-Laws Income Tax Thu, 28 Nov 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64511