https://www.taxtmi.com/caselaws?id=193321 The High Court determined that the petitioner-firm could deduct a trading loss of Rs. 1,46,130 due to actions by Japanese authorities as a business loss. Additionally, the firm was entitled to claim the loss amount in Indian currency at the exchange rate at the time of the loss, not when compensation was received. The court ordered the department to pay 3/4th of the costs of the reference to the assessee. 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 The High Court determined that the petitioner-firm could deduct a trading loss of Rs. 1,46,130 due to actions by Japanese authorities as a business loss. Additionally, the firm was entitled to claim the loss amount in Indian currency at the exchange rate at the time of the loss, not when compensation was received. The court ordered the department to pay 3/4th of the costs of the reference to the assessee. Case-Laws Income Tax Fri, 03 Apr 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193321