Supreme Court · 1991 INSC 332 · Decided 10 December 1991
Commissioner of Income-Tax, Gujarat v. Arvind Mills LTD.
- Court
- Supreme Court of India
- Citation
- 1991 INSC 332 · [1991] SUPP. 3 S.C.R. 303
- Case number
- CIVIL APPEAL No. 1207/1978
- Decided
- 10 December 1991
- Bench
- S. RANGANATHAN, N.D. OJHA, V. RAMASWAMI (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
B Income TaxAct, 1961: Section 43A-Capital asset-Purchase of from foreign country-En­ hancement of liability consequent upon devaluation of Indian currency-- Development rebate-Whether could be allowed on the increased cost. C The Respondent-assessee had acquired, for the purpose of its currency. For acquiring the said assets, it borrowed money in foreign currency from outside agencies and the liablility in respect of such assets was outstanding. Due to devaluation of the Indian currency in 1966, D the said liability had increased. The assessee claimed development rebate on
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