https://www.taxtmi.com/caselaws?id=25890 The tribunal allowed the deduction of gratuity liability as a revenue expenditure for the assessment year 1967-68, emphasizing that the liability accrued under statutory provisions was deductible. The court upheld the determination of the written down value of fixed assets based on specific exchange rates and ruled in favor of the assessee regarding the revision of written down value of assets. Additionally, the court overturned the disallowance of loss on remittance of profits, considering it a legitimate business expenditure. However, expenses incurred due to the devaluation of the Indian rupee were deemed of a capital nature, ruling in favor of the Revenue. en-us Mon, 08 Sep 1986 00:00:00 +0530 Mon, 01 Feb 2010 14:42:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25890 The tribunal allowed the deduction of gratuity liability as a revenue expenditure for the assessment year 1967-68, emphasizing that the liability accrued under statutory provisions was deductible. The court upheld the determination of the written down value of fixed assets based on specific exchange rates and ruled in favor of the assessee regarding the revision of written down value of assets. Additionally, the court overturned the disallowance of loss on remittance of profits, considering it a legitimate business expenditure. However, expenses incurred due to the devaluation of the Indian rupee were deemed of a capital nature, ruling in favor of the Revenue. Case-Laws Income Tax Mon, 08 Sep 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25890