https://www.taxtmi.com/caselaws?id=35642 The court held that the liability arising from devaluation was a revenue loss directly connected to the assessee's business activities and was allowable as a business loss. The court found the loss to be a legitimate trading liability, permitting its deduction in computing business income for the assessment year 1967-68. The judgment underscored the significance of interpreting agreements to ascertain the nature of liabilities for tax purposes, aligning with principles from prior case law. Judge C. K. Banerjee concurred with the decision rendered by Judge Sabyasachi Mukherjee. en-us Tue, 28 Jul 1981 00:00:00 +0530 Mon, 15 Mar 2010 17:01:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35642 The court held that the liability arising from devaluation was a revenue loss directly connected to the assessee's business activities and was allowable as a business loss. The court found the loss to be a legitimate trading liability, permitting its deduction in computing business income for the assessment year 1967-68. The judgment underscored the significance of interpreting agreements to ascertain the nature of liabilities for tax purposes, aligning with principles from prior case law. Judge C. K. Banerjee concurred with the decision rendered by Judge Sabyasachi Mukherjee. Case-Laws Income Tax Tue, 28 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35642