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2018 (4) TMI 1071 - HC - Income TaxGain / loss in the foreign exchange fluctuation on loan liability - Disallowance of depreciation - assessee was liable to reduce due to exchange gain from the cost of machinery and subsequent depreciation on it - Section 43A applicability - Held that:- As no payment was made during the previous year relevant to the subject assessment year. The Apex Court in Woodward Governor India P. India, (2009 (4) TMI 4 - SUPREME COURT ) while dealing with the amended provisions of Section 43A of the Act has held that “with effect from 1st April, 2003 such actual payment of the decreased / enhanced liability is a condition precedent for making adjustment in the carrying amount of the fixed asset.” The aforesaid observation of the Apex Court apply to the facts of the present case.
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