https://www.taxtmi.com/caselaws?id=21091 The court allowed the deduction for the loss incurred due to exchange rate fluctuation in remittance of profits, considering it a legitimate business expenditure for distributing dividends. However, the court ruled against the assessee regarding the surtax liability deduction under the Companies (Profits) Surtax Act, 1964, based on established legal principles. Additionally, the court clarified that the deduction under section 80G should be allowed from the income computed for assessment under the Income-tax Act, not from the gross total income, favoring the assessee on this issue. en-us Tue, 14 Aug 1990 00:00:00 +0530 Fri, 20 Nov 2009 10:27:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21091 The court allowed the deduction for the loss incurred due to exchange rate fluctuation in remittance of profits, considering it a legitimate business expenditure for distributing dividends. However, the court ruled against the assessee regarding the surtax liability deduction under the Companies (Profits) Surtax Act, 1964, based on established legal principles. Additionally, the court clarified that the deduction under section 80G should be allowed from the income computed for assessment under the Income-tax Act, not from the gross total income, favoring the assessee on this issue. Case-Laws Income Tax Tue, 14 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21091