Supreme Court · 2010 INSC 126 · Decided 26 February 2010
Assistant C.L.T., Vadodara v. Elecon Engineering CO. LTD.
- Court
- Supreme Court of India
- Citation
- 2010 INSC 126 · [2010] 3 S.C.R. 108
- Case number
- CIVIL APPEAL No. 2057/2010
- Decided
- 26 February 2010
- Bench
- S.H. KAPADIA, H.L. DATTU (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 43A
Headnote
Income Tax Act, 1961: s.43A, Explanation 3 - Assessment year 1986-87 ~ Roll over premium charges paid c in respect of foreign exchange forward contracts - Treatment of - Held: Roll over charges represent the difference on account of change in foreign· exchange rates - Under Explanation 3 to in foreign exchange by entering into forward contract for purchase of 0 fixed asset, gain or loss arising from such forward contract is required to be capitalised - s.43A applies to the entire liability remaining outstanding at the year-end, and it is nof restricted merely to the instalments
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