Supreme Court · 2022 INSC 417 · Decided 12 April 2022
Wipro Finance LTD. v. Commissioner of Income Tax
- Court
- Supreme Court of India
- Citation
- 2022 INSC 417 · [2022] 2 S.C.R. 1146
- Case number
- CIVIL APPEAL No. 6677/2008
- Decided
- 12 April 2022
- Bench
- A.M. KHANWILKAR, ABHAY S. OKA, C.T. RAVIKUMAR (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 37, 143(1)(a)
Headnote
Income Tax Act, 1961: s.37 - Disallowance - Loan borrowed by assessee in foreign currency for expanding its primary business of leasing and hire purchase of capital equipment to existing Indian enterprise - While repaying the difference of rate of foreign exchange, the assessee had to pay higher amount, resulting in loss to the appellant -Claim for deduction on account of loss of income owing to exchange fluctuation - Held: Transaction of loan was in nature of borrowing money which was necessary for
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