https://www.taxtmi.com/caselaws?id=29421 The High Court held that the additional liability due to the devaluation of the Indian rupee was an expenditure to be allowed in computing the revenue profits for the assessment year 1967-68. The Court emphasized that the liability remained a trading debt and did not convert into a loan. The judgment, delivered by Sabyasachi Mukharji J. and Suhas Chandra Sen J., affirmed the Tribunal's decision in favor of the assessee, International Combustion (I) Pvt. Ltd. Each party was ordered to pay their own costs. en-us Wed, 24 Mar 1982 00:00:00 +0530 Fri, 12 Mar 2010 16:59:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29421 The High Court held that the additional liability due to the devaluation of the Indian rupee was an expenditure to be allowed in computing the revenue profits for the assessment year 1967-68. The Court emphasized that the liability remained a trading debt and did not convert into a loan. The judgment, delivered by Sabyasachi Mukharji J. and Suhas Chandra Sen J., affirmed the Tribunal's decision in favor of the assessee, International Combustion (I) Pvt. Ltd. Each party was ordered to pay their own costs. Case-Laws Income Tax Wed, 24 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29421