https://www.taxtmi.com/caselaws?id=26807 The High Court ruled in favor of the assessee, allowing deductions for devaluation loss on the sale of the ship, brokerage paid on the sale of ships, and traveling expenses for arranging delivery of a ship. The Court held that the rupee equivalent on the dates the amounts became payable should be considered for computing the balancing charge, permitting the devaluation loss deduction. Additionally, the brokerage and traveling expenses were deemed directly related to the sale of the ships, thus eligible for deductions. The Court awarded costs of the reference to the assessee. en-us Wed, 19 Sep 1984 00:00:00 +0530 Mon, 08 Feb 2010 16:13:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26807 The High Court ruled in favor of the assessee, allowing deductions for devaluation loss on the sale of the ship, brokerage paid on the sale of ships, and traveling expenses for arranging delivery of a ship. The Court held that the rupee equivalent on the dates the amounts became payable should be considered for computing the balancing charge, permitting the devaluation loss deduction. Additionally, the brokerage and traveling expenses were deemed directly related to the sale of the ships, thus eligible for deductions. The Court awarded costs of the reference to the assessee. Case-Laws Income Tax Wed, 19 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26807