https://www.taxtmi.com/caselaws?id=21168 The High Court held that losses in exchange on remittance of profits by non-resident companies are not allowable deductions in computing business income for taxation. The court emphasized that income earned in India, to be assessed in India, was in rupees, and exchange losses occurred after the income was earned. The decision aligned with previous case law and distinguished the case from another where similar losses were allowed. The judgment favored the Revenue, stating that the destination or calculation of income in a foreign currency does not impact the income of the assessee in India. en-us Wed, 15 Nov 1989 00:00:00 +0530 Fri, 20 Nov 2009 15:16:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21168 The High Court held that losses in exchange on remittance of profits by non-resident companies are not allowable deductions in computing business income for taxation. The court emphasized that income earned in India, to be assessed in India, was in rupees, and exchange losses occurred after the income was earned. The decision aligned with previous case law and distinguished the case from another where similar losses were allowed. The judgment favored the Revenue, stating that the destination or calculation of income in a foreign currency does not impact the income of the assessee in India. Case-Laws Income Tax Wed, 15 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21168