https://www.taxtmi.com/caselaws?id=18723 The court allowed the banking company's claim for deductions on exchange losses during the assessment years 1973-74, 1974-75, and 1975-76. The Commissioner (Appeals) and Tribunal supported this decision, determining that the losses were due to exchange rate fluctuations and not devaluation, aligning with established legal precedents. The court held that the exchange loss was allowable as a deduction since the foreign currencies were considered stock-in-trade, ruling in favor of the assessee against the Revenue. en-us Thu, 02 Nov 1995 00:00:00 +0530 Sat, 31 Oct 2009 16:01:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18723 The court allowed the banking company's claim for deductions on exchange losses during the assessment years 1973-74, 1974-75, and 1975-76. The Commissioner (Appeals) and Tribunal supported this decision, determining that the losses were due to exchange rate fluctuations and not devaluation, aligning with established legal precedents. The court held that the exchange loss was allowable as a deduction since the foreign currencies were considered stock-in-trade, ruling in favor of the assessee against the Revenue. Case-Laws Income Tax Thu, 02 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18723