Law:

Section:

Section 28(i) of the Income-tax Act, 1961 - Business loss/deductions - Allowable as - Assessment year 1982-83 - Assessee's claim for loss on account of difference in exchange rate was disallowed on ground that devaluation took place on a date after close of accounting year relevant to assessment year 1982-83 - Whether disallowance was justified in instant case - Held, yes N.M. Ranka for the Applicant. J.K. Singhi for the Respondent. ORDER 1. On an application filed under section 256(1) of the Income-tax Act, 1961 ('the Act'), the Tribunal has referred the following questions for the opinion of this Court : "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the assessee was entitled (sic) to claim the amount in question as deduction on account of difference in the exchange rate by devaluation on 22-12-1981, which was about two months after the close of the accounting year?" The relevant assessment year is 1982-83. 2. The assessee claimed a loss of Rs. 1,05,329 on account of difference in the exchange rate in trade in rough emerald account. The ITO disallowed the claim of the assessee on the ground that the assessee is following the…

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