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PCIT v. Spicer India Ltd ( Bom) (HC)

S. 43A : Rate of exchange – Foreign currency – Foreign exchange fluctuation on loan liability on fixed asset being notional and no actual payment was made would not require any adjustment in the cost of the fixed assets on accrual basis , as the S.43A is amended w.e.f 1 st April , 2003 . [ S.37(1) ]

Dismissing the appeal of the revenue the Court held Foreign exchange  fluctuation  on loan liability  on fixed asset being notional and no actual payment was made would   not require any adjustment in the cost of the fixed assets on accrual basis  as the S.43A is amended w.e.f 1 st April , 2003 . Referred CIT v. Woodward Governor India P. Ltd ( 2009) 312 ITR 254 (SC)  (AY. 2003-04) 

ITA NO .1129 of 2015 dt. 18 -04 -2018

DCIT v. Spicer India Ltd (ITA No 1886 / PN/ 2013 dt 20 -10-2014 (AY. 2003-04) (Pune) ( Trib)

[Click here to download PDF file] (Trib)

[Click here to download PDF file] (HC)