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2008 (12) TMI 375 - HC - Income TaxCapital or Revenue Expenditure – Interest liability in respect of borrowing in foreign exchange. Increased liability on account of foreign exchange rate fluctuation. The Tribunal held that the assessee would be entitled to treat the increased liability on account of foreign exchange fluctuation in the revenue account. Held that- the Tribunal was rightly hold that the assessee would be entitled to treat the increased liability on account of foreign exchange fluctuation as on revenue account.
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