https://www.taxtmi.com/caselaws?id=26033 The court ruled against the assessee in a case involving assessments under section 168 of the Income-tax Act, 1961. The court held that losses incurred from currency rate fluctuations could not be claimed as deductions for tax purposes. Additionally, the court determined that the devaluation loss, unrelated to business activities, could not be treated as a deductible expense. The judgment did not address the deductibility of estate duty on the annuity deposit. The court's decision favored the tax authorities, and no costs were awarded in this case. en-us Thu, 03 Jul 1986 00:00:00 +0530 Tue, 02 Feb 2010 13:40:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26033 The court ruled against the assessee in a case involving assessments under section 168 of the Income-tax Act, 1961. The court held that losses incurred from currency rate fluctuations could not be claimed as deductions for tax purposes. Additionally, the court determined that the devaluation loss, unrelated to business activities, could not be treated as a deductible expense. The judgment did not address the deductibility of estate duty on the annuity deposit. The court's decision favored the tax authorities, and no costs were awarded in this case. Case-Laws Income Tax Thu, 03 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26033