https://www.taxtmi.com/caselaws?id=29442 The court ruled against the assessee, holding that the sum of Rs. 13,02,495 did not represent revenue loss for the assessment year 1967-68 due to the rupee's devaluation. The court emphasized that since the repatriation to the head office occurred after the relevant assessment year and there was no diminution in the value of Indian currency, the loss, if any, should be considered in the year of actual conversion. Therefore, the court answered the question in the negative, in favor of the revenue, with no order as to costs. en-us Mon, 18 May 1981 00:00:00 +0530 Fri, 12 Mar 2010 18:21:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29442 The court ruled against the assessee, holding that the sum of Rs. 13,02,495 did not represent revenue loss for the assessment year 1967-68 due to the rupee's devaluation. The court emphasized that since the repatriation to the head office occurred after the relevant assessment year and there was no diminution in the value of Indian currency, the loss, if any, should be considered in the year of actual conversion. Therefore, the court answered the question in the negative, in favor of the revenue, with no order as to costs. Case-Laws Income Tax Mon, 18 May 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29442