Supreme Court · 2008 INSC 1007 · Decided 2 September 2008
Commissioner of Income Tax, Dehradhun & ANR. v. Enron Oil & Gas India LTD.
- Court
- Supreme Court of India
- Citation
- 2008 INSC 1007 · [2008] 12 S.C.R. 1168
- Case number
- CIVIL APPEAL No. 5433/2008
- Decided
- 2 September 2008
- Bench
- S.H. KAPADIA, B. SUDERSHAN REDDY (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 42(1), 293A
Headnote
~ Income Tax Act, 1961 - s. 42 (1) - Deduction under - Product Sharing Contract (PSC) - For depletion of mineral c oil in th~ mining area - Between Government of India and a consortium of companies, Operator whereof was a foreign Company - Return of income filed by foreign exchange losses on account of foreign currency translation - Deduction not allowed by Assessing D Officer - Allowed by authorities/Courts below - On appeal, held such deduction is admissible - In view of Appendix C to the·PSC which provides for translation of currency, such loss
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