1988 (12) TMI 99

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....ions of law have been referred to us by the Tribunal. They read thus : At the instance of the Commissioner of Income-tax : "1. Whether, on the facts and in the circumstances of the case, the said losses of Rs. 15,19,078 and/or Rs. 1,57,910 arising from the devaluation of the Indian rupee arose in the course of or incidental to the assessee's business and were allowable as revenue deductions ....

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....R 1. It is admitted that the loss has occurred due to the devaluation of unremitted profits lying with the assessee in India. According to Shri Dastur, the facts in this case are akin to the facts in the Supreme Court case and, therefore, the matter should be sent back to the Tribunal for finding out whether the unremitted profits were kept for trading purposes or for capital purposes. In our v....