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2009 (9) TMI 877 - HC - Income TaxWhether the assessee is entitled to claim deduction of ₹ 67.06 crores incurred in connection with swapping of foreign currency funds in the year under consideration, i.e., the assessment year 1995-96? Held that:- Normally the ordinary rule is to be applied, namely, revenue expenditure incurred in a particular year is to be allowed in that year. Thus, if the assessee claims that expenditure in that year, the Income-tax department cannot deny the same. However, in those cases where the assessee himself wants to spread the expenditure over a period of ensuing years, it can be allowed only if the principle of matching concept is satisfied, which up to now has been restricted to the cases of debentures. The upshot of the aforesaid discussion is to answer the question in favour of the assessee and against the revenue
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