https://www.taxtmi.com/caselaws?id=29312 The court held that the loss due to the devaluation of the Indian rupee claimed by the appellant was not allowable as a trading loss for the assessment year 1967-68. It was determined that the accounts maintained in pound sterling at the London head office should not be the basis for computing profit and loss. The court also ruled that the decision of the Tribunal for the subsequent year did not impact the assessment for the previous year. The appeal was dismissed, affirming the Commissioner's order, with no costs awarded. en-us Mon, 14 Sep 1981 00:00:00 +0530 Fri, 12 Mar 2010 11:28:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29312 The court held that the loss due to the devaluation of the Indian rupee claimed by the appellant was not allowable as a trading loss for the assessment year 1967-68. It was determined that the accounts maintained in pound sterling at the London head office should not be the basis for computing profit and loss. The court also ruled that the decision of the Tribunal for the subsequent year did not impact the assessment for the previous year. The appeal was dismissed, affirming the Commissioner's order, with no costs awarded. Case-Laws Income Tax Mon, 14 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29312