https://www.taxtmi.com/caselaws?id=70344 The Tribunal held that the devaluation allowance of Rs. 2,469 received by the assessee, a Captain in a shipping company, was taxable income. The allowance was deemed part of the salary and not exempt from tax, as it was intended to cover extra expenses incurred due to the devaluation of the Indian rupee. The decision overturned the Appellate Authority Commissioner's ruling and reinstated the Income Tax Officer's assessment. The Tribunal's decision aligned with precedents indicating that such allowances, not solely for duty-related expenses but for personal benefit, are taxable income. en-us Sat, 30 Oct 1982 00:00:00 +0530 Fri, 15 Apr 2011 16:58:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70344 The Tribunal held that the devaluation allowance of Rs. 2,469 received by the assessee, a Captain in a shipping company, was taxable income. The allowance was deemed part of the salary and not exempt from tax, as it was intended to cover extra expenses incurred due to the devaluation of the Indian rupee. The decision overturned the Appellate Authority Commissioner's ruling and reinstated the Income Tax Officer's assessment. The Tribunal's decision aligned with precedents indicating that such allowances, not solely for duty-related expenses but for personal benefit, are taxable income. Case-Laws Income Tax Sat, 30 Oct 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70344