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2013 (12) TMI 1204 - HC - Income TaxWhether additional liability on actual cost of asset in respect of fluctuations in foreign exchange rate be deductible u/s 43A - Held that:- Following Commissioner of Income Tax. vs. Woodward Governor India (P) Limited [2009 (4) TMI 4 - SUPREME COURT] - Amendment to Section 43A by Finance Act, 2002 w.e.f 1.4.2003 was amendatory and not clarificatory - It shall be prospectively effective from 1.4.2003 and the cases relating to earlier assessment years would be governed by unamended Section 43A of the Act - The present appeal which relates to the assessment year 1993-94, the same would be governed by the unamended provisions of Section 43A of the Act - The assessee was entitled to exchange rate fluctuation in respect of foreign currency in the assessment year in question as it was following mercantile system of accountancy - Decided against Revenue.
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