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2014 (9) TMI 283 - HC - Income TaxReference u/s 256(1) - Deduction of exchange rate fluctuation – Held that:- Following the decision in Commissioner of Income Tax V/s. Woodward Governor India P. Ltd. [2009 (4) TMI 4 - SUPREME COURT] - deduction need not be claimed upon actual payment and the same can be claimed even pending such actual payment - the deduction of foreign exchange fluctuation can be claimed in the computation of the assessee's business profits pending such payment – Decided in favour of assessee. Managing Director's remuneration disallowed – Held that:- Following the decision in Mahindra And Mahindra Limited Versus Commissioner Of Income-Tax [2005 (8) TMI 87 - BOMBAY High Court] - the claim for allowance of its Managing Director's remuneration in the computation of business profits is permissible – Decided in favour of assessee.
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