https://www.taxtmi.com/caselaws?id=12403 Under the mercantile system, an exchange-rate loss from rupee devaluation was not deductible in the relevant year where the devaluation occurred after the close of the accounting year. The claimed loss arose on 22 December 1981, while the accounting year had ended about two months earlier on Diwali, so the loss did not accrue within that year. The deduction was therefore disallowed, and the issue was answered in favour of the Revenue and against the assessee. en-us Thu, 31 Jan 2002 00:00:00 +0530 Wed, 24 Feb 2010 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12403 Under the mercantile system, an exchange-rate loss from rupee devaluation was not deductible in the relevant year where the devaluation occurred after the close of the accounting year. The claimed loss arose on 22 December 1981, while the accounting year had ended about two months earlier on Diwali, so the loss did not accrue within that year. The deduction was therefore disallowed, and the issue was answered in favour of the Revenue and against the assessee. Case-Laws Income Tax Thu, 31 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12403