https://www.taxtmi.com/caselaws?id=193321 Where stock-in-trade and book debts were permanently lost in the accounting year due to enemy action, the loss was treated as a revenue trading loss incurred in the course of business and not as a capital loss; later compensation did not change that character. The loss was therefore deductible in the year it accrued. For currency conversion, the relevant rate was the exchange rate prevailing at the time the loss arose, not the date of subsequent compensation. The assessee was accordingly entitled to compute the loss in Indian currency at the rate applicable when the loss was sustained. en-us Fri, 03 Apr 1964 00:00:00 +0530 Mon, 24 Jul 2017 16:23:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193321 Where stock-in-trade and book debts were permanently lost in the accounting year due to enemy action, the loss was treated as a revenue trading loss incurred in the course of business and not as a capital loss; later compensation did not change that character. The loss was therefore deductible in the year it accrued. For currency conversion, the relevant rate was the exchange rate prevailing at the time the loss arose, not the date of subsequent compensation. The assessee was accordingly entitled to compute the loss in Indian currency at the rate applicable when the loss was sustained. Case-Laws Income Tax Fri, 03 Apr 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193321