Supreme Court · 1978 INSC 190 · Decided 27 September 1978
Sutlej Cotton Mills LTD v. COMMR. of Income Tax, West Bengal, Calcutta
- Court
- Supreme Court of India
- Citation
- 1978 INSC 190 · [1979] 1 S.C.R. 976
- Case number
- CIVIL APPEAL No. 1847/1972
- Decided
- 27 September 1978
- Bench
- P.N. BHAGWATI, V.D. TULZAPURKAR (2-judge bench)
- Outcome
- Case Allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(1), 10(2)
Headnote
Income Tax Act, 1922-Secs. 10(1), 10(2)-Loss occasioned on account' of devaluation-Whether deductible as revenue expenditure-Circulating capi­ tal and fixed capital. The assessee is a Limited Company having its Head Office in Calcutta~ It has inter alia a Cotton !\fill situated in West cotton fabrics. For the­ accounting year relevant to the assessment year 1954-55, the assessee made a large profit in the unit in \\-'est Pakistan. The Pakistan profit, according to the D official rate of exchange, which was then prevalent, namely, 100 Pakistani rupees being equal to 144
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