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2008 (1) TMI 319 - HC - Income TaxNon-resident company engaged in production of crude oil – production sharing contract – expenditure incurred in foreign exchange by the co-venturer converted into Indian Rupee at the end of month - when the Revenue is accepting the tax on the profits/gains arisen out of the change in foreign exchange rates, it cannot deny depreciation on account of loss - hence deduction claimed by the assessee-NRC on account of foreign exchange loss was admissible to it u/s 42
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