https://www.taxtmi.com/caselaws?id=28151 The Tribunal upheld the assessee's claim that the liability should be determined based on actual figures available before finalizing the accounts, citing the principle of assessing commercial profits for tax purposes. Precedents such as CIT v. Bai Shirinbai K. Kooka [1962] 46 ITR 86 and CIT v. Shoorji Vallabhdas and Co. [1962] 46 ITR 144 were referenced to emphasize the concept of "real income." The court concluded in favor of the assessee, determining that the liability on account of devaluation was an integral part of the original transaction, not a result of devaluation. The court awarded costs of Rs. 250 to the assessee. en-us Fri, 12 Nov 1982 00:00:00 +0530 Fri, 19 Feb 2010 13:06:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28151 The Tribunal upheld the assessee's claim that the liability should be determined based on actual figures available before finalizing the accounts, citing the principle of assessing commercial profits for tax purposes. Precedents such as CIT v. Bai Shirinbai K. Kooka [1962] 46 ITR 86 and CIT v. Shoorji Vallabhdas and Co. [1962] 46 ITR 144 were referenced to emphasize the concept of "real income." The court concluded in favor of the assessee, determining that the liability on account of devaluation was an integral part of the original transaction, not a result of devaluation. The court awarded costs of Rs. 250 to the assessee. Case-Laws Income Tax Fri, 12 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28151