https://www.taxtmi.com/caselaws?id=28698 The High Court ruled against the assessee on the deductibility of additional expenses due to the devaluation of the Indian rupee, stating the loss should have been allowed in the year of devaluation. The issue of guarantee commission as capital expenditure was not pursued by the assessee. The interpretation of "such profits and gains" in Section 80-I favored the assessee, linking it to profits from priority industries. Depreciation on drains, culverts, and roads was deemed admissible. Each party was directed to bear its own costs. en-us Wed, 31 Mar 1982 00:00:00 +0530 Wed, 24 Feb 2010 18:50:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28698 The High Court ruled against the assessee on the deductibility of additional expenses due to the devaluation of the Indian rupee, stating the loss should have been allowed in the year of devaluation. The issue of guarantee commission as capital expenditure was not pursued by the assessee. The interpretation of "such profits and gains" in Section 80-I favored the assessee, linking it to profits from priority industries. Depreciation on drains, culverts, and roads was deemed admissible. Each party was directed to bear its own costs. Case-Laws Income Tax Wed, 31 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28698