https://www.taxtmi.com/caselaws?id=24458 Devaluation loss incurred in the course of business was held allowable as a revenue deduction, following earlier binding authority, and the assessee succeeded on that issue. By contrast, the fall in foreign exchange value of unremitted profits already earned and taxed in Indian currency was treated as a post-accrual depreciation in the value of those profits, not a trading loss, so no revenue deduction was available. The distinction turned on whether the loss arose in business operations or only after profits had accrued and been taxed. en-us Thu, 08 Dec 1988 00:00:00 +0530 Wed, 20 Jan 2010 12:10:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24458 Devaluation loss incurred in the course of business was held allowable as a revenue deduction, following earlier binding authority, and the assessee succeeded on that issue. By contrast, the fall in foreign exchange value of unremitted profits already earned and taxed in Indian currency was treated as a post-accrual depreciation in the value of those profits, not a trading loss, so no revenue deduction was available. The distinction turned on whether the loss arose in business operations or only after profits had accrued and been taxed. Case-Laws Income Tax Thu, 08 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24458