COMMISIONER OF INCOME TAX DELHI Vs. WOODWARD GOVERNOR INDIA P LTD
LAWS(SC)-2009-4-19
SUPREME COURT OF INDIA
Decided on
April 08,2009
COMMISIONER OF INCOME TAX DELHI
Appellant
VERSUS
WOODWARD GOVERNOR INDIA P LTD
Respondents
JUDGEMENT
-
(1.) Delay condoned.
(2.) Leave granted.
(3.) In this batch of civil appeals, the following question arises for determination: (i) Whether, on the facts and circumstances of the case and in law, the additional liability arising on account of fluctuation in the rate of exchange in respect of loans taken for revenue purposes could be allowed as deduction under Section 37(1) in the year of fluctuation in the rate of exchange or whether the same could only be allowed in the year of repayment of such loans
(ii) Whether the assessee is entitled to adjust the actual cost of imported assets acquired in foreign currency on account of fluctuation in the rate of exchange at each balance sheet date, pending actual payment of the varied liability ;
(2.) Leave granted.
(3.) In this batch of civil appeals, the following question arises for determination:
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