https://www.taxtmi.com/caselaws?id=27788 The High Court of BOMBAY ruled in favor of the assessee, Messrs Vitre Engineering Co., allowing the claim for a business loss resulting from the devaluation of the rupee. The court upheld the Tribunal's decision, emphasizing that the increased liability post-devaluation was in respect of the trading liability of the Indian business, which operated as a separate entity for income tax purposes. The court concluded that the assessee was entitled to claim the full amount of the loss as a business loss during the assessment year, dismissing the Commissioner's arguments against the claim. en-us Thu, 25 Aug 1983 00:00:00 +0530 Tue, 16 Feb 2010 10:55:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27788 The High Court of BOMBAY ruled in favor of the assessee, Messrs Vitre Engineering Co., allowing the claim for a business loss resulting from the devaluation of the rupee. The court upheld the Tribunal's decision, emphasizing that the increased liability post-devaluation was in respect of the trading liability of the Indian business, which operated as a separate entity for income tax purposes. The court concluded that the assessee was entitled to claim the full amount of the loss as a business loss during the assessment year, dismissing the Commissioner's arguments against the claim. Case-Laws Income Tax Thu, 25 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27788