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1989 (10) TMI 46 - HC - Income TaxExtract: ....... borne tax in Pakistan and had been left there with the assessee s distributing agent as an asset. In these circumstances, the loss sustained by the assessee on account of devaluation was held to be a loss in the nature of a capital asset. In the result, the question is answered in the affirmative and in favour of the Revenue. No order as to costs.
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