2016 (7) TMI 1679

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e for AY 1985 -86 on an identical issue. The applicant assessee being aggrieved filed an application for Reference to the Tribunal and it on an identical question a Reference was made to this Court. On 21st August 2014 [ 2014 (9) TMI 283 - BOMBAY HIGH COURT] this Court answered the identical question referred to it in Reference No. 271 of 1997 in favour of the applicant assessee and against th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 5,930/ (Rs.1,00,294/ for assessment year 1988 89) was allowable as a deduction in the computation of the applicant's business profits, only when the actual payment was made and, till then, it was contingent in nature, after, in particular, having held that such fluctuation was on revenue account and after having seen that the liability was precisely determined on the basis of the foreign exc .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X