Supreme Court · 2009 INSC 470 · Decided 8 April 2009
Commissioner of Income Tax, Delhi v. M/S Woodward Governor India P. LTD.
- Court
- Supreme Court of India
- Citation
- 2009 INSC 470 · [2009] 5 S.C.R. 738
- Case number
- CIVIL APPEAL No. 2206/2009
- Decided
- 8 April 2009
- Bench
- S.H. KAPADIA, AFTAB ALAM (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 37(1)
Headnote
Income Tax Act, 1961: c s. 37(1) - Loan for revenue purpose - Fluctuation in rate of exchange - Deduction of additional liability arising therein uls 37(1) in year of fluctuation in rate of exchange or in year of repayment of such loan - Held: Loss on account of exchange difference as on date item of ,,. expenditure u/s.37(1) and is deductible thereunder - Any .. D difference, Joss or gain, arising on conversion of said liability at closing rate, should be recognized in profit and loss account for the reporting period ·- Accounting method followed by assessee continuously for
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