https://www.taxtmi.com/caselaws?id=28607 The court determined that the liability incurred by the assessee was in French francs, not Indian rupees, as specified in the agreement. The timing of liability finalization was deemed to be at the time of remittance, not when initially debited. Additionally, the court allowed the deduction for additional expenditure due to devaluation as a permissible business expense under the Income Tax Act. The court ruled in favor of the assessee, directing the Revenue to pay the costs of the reference. en-us Wed, 14 Apr 1982 00:00:00 +0530 Wed, 24 Feb 2010 11:09:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28607 The court determined that the liability incurred by the assessee was in French francs, not Indian rupees, as specified in the agreement. The timing of liability finalization was deemed to be at the time of remittance, not when initially debited. Additionally, the court allowed the deduction for additional expenditure due to devaluation as a permissible business expense under the Income Tax Act. The court ruled in favor of the assessee, directing the Revenue to pay the costs of the reference. Case-Laws Income Tax Wed, 14 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28607