Supreme Court · 2010 INSC 148 · Decided 15 March 2010
Oil and Natural Gas Corporation LTD., Dehradun Through Managing Director v. The Commissioner of Income Tax, Dehradun
- Court
- Supreme Court of India
- Citation
- 2010 INSC 148 · [2010] 3 S.C.R. 386
- Case number
- CIVIL APPEAL No. 7223/2008
- Decided
- 15 March 2010
- Bench
- D.K. JAIN, T.S. THAKUR (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 37(1)
Headnote
Income Tax Act, 1961: s.37(1) - AY 1991-92 to 1994-95 and 1997-98 - Deduction on account of fluctuations in rate of exchange - Appel/ant-assessee availed foreign loans to cover its expenses, both capital and revenue, on import of machinery D and for payment to non-resident contractors in foreign currency- Additional liability on account of fluctuations in the rate of exchange, in respect of loans . taken for revenue purpose - Assessee followed mercantile system of accounting - "Loss" suffered by assessee on E account of
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