https://www.taxtmi.com/caselaws?id=29038 The court held that the devaluation loss of Rs. 4,17,833 on a sterling loan was deductible as a revenue loss in computing the assessee's business income. The loss was deemed to be on revenue account, not capital, as the sterling loan was used as circulating capital for the business. The court disagreed with the Tribunal's decision, allowing the deduction of the loss and ruling in favor of the assessee. Each party was ordered to bear their own costs. en-us Tue, 23 Jun 1981 00:00:00 +0530 Wed, 10 Mar 2010 13:37:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29038 The court held that the devaluation loss of Rs. 4,17,833 on a sterling loan was deductible as a revenue loss in computing the assessee's business income. The loss was deemed to be on revenue account, not capital, as the sterling loan was used as circulating capital for the business. The court disagreed with the Tribunal's decision, allowing the deduction of the loss and ruling in favor of the assessee. Each party was ordered to bear their own costs. Case-Laws Income Tax Tue, 23 Jun 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29038