https://www.taxtmi.com/caselaws?id=35510 The Karnataka High Court ruled on the treatment of losses due to fluctuation in foreign exchange rates in incomplete transactions and the deductibility of guest house maintenance expenses. The court held that losses in incomplete transactions with unpaid bills were not allowable, and deductions for guest house maintenance were not permitted under the Income-tax Act for the relevant assessment year. The Tribunal's decision allowing these deductions was overturned, partially favoring the assessee. The judgment emphasized the necessity of crystallized liabilities for claiming losses and adherence to legal provisions for deductions. en-us Wed, 15 Oct 2008 00:00:00 +0530 Fri, 20 Jan 2012 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35510 The Karnataka High Court ruled on the treatment of losses due to fluctuation in foreign exchange rates in incomplete transactions and the deductibility of guest house maintenance expenses. The court held that losses in incomplete transactions with unpaid bills were not allowable, and deductions for guest house maintenance were not permitted under the Income-tax Act for the relevant assessment year. The Tribunal's decision allowing these deductions was overturned, partially favoring the assessee. The judgment emphasized the necessity of crystallized liabilities for claiming losses and adherence to legal provisions for deductions. Case-Laws Income Tax Wed, 15 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35510