https://www.taxtmi.com/caselaws?id=26908 The High Court ruled in favor of the assessee, allowing the deduction of a liability arising from the devaluation of Indian currency for the assessment year 1967-68. The Court held that the liability was incurred during the year under consideration, was wholly and exclusively laid out for the business, and was connected to the original transaction of hire charges. Emphasizing the business nature of the liability and the mercantile basis of accounting, the Court aligned with previous decisions, concluding that the devaluation-related expenditure was of a revenue nature and deductible under the Income-tax Act, 1961. en-us Mon, 06 May 1985 00:00:00 +0530 Tue, 09 Feb 2010 12:22:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26908 The High Court ruled in favor of the assessee, allowing the deduction of a liability arising from the devaluation of Indian currency for the assessment year 1967-68. The Court held that the liability was incurred during the year under consideration, was wholly and exclusively laid out for the business, and was connected to the original transaction of hire charges. Emphasizing the business nature of the liability and the mercantile basis of accounting, the Court aligned with previous decisions, concluding that the devaluation-related expenditure was of a revenue nature and deductible under the Income-tax Act, 1961. Case-Laws Income Tax Mon, 06 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26908