2009 (4) TMI 4 - SC - Income Tax

Fluctuation in rate of exchange - Increased liability in respect of loans taken - in which year, loss incurred on “revenue account” should be deducted u/s 37(1) - held that loss suffered as on the date of balance sheet is an item of expenditure u/s 37(1) - increase in liability on “capital account” - scope of S. 43A (unamended) prior to 1.4.03 – assessee entitled to adjust the actual cost of imported assets at each balance sheet date - held that amended section is amendatory, not clarificatory