TMI Blog2008 (12) TMI 375X X X X Extracts X X X X X X X X Extracts X X X X ..... unt 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. - 686 and 917 of 2008 - - - Dated:- 10-12-2008 - BADAR DURREZ AHMED, RAJIV SHAKDHER JJ. Ms. Prem Lata Bansal with Mohan Prasad Gupta for the appellant. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to 26 per cent. whereas the interest rate in respect of the external commercial borrowing was only 8.1 per cent. As a result of resorting to the external commercial borrowing, the interest liability of the assessee fell sharply in the year under appeal to Rs. 1,26,73,538. However, since there was an exchange rate fluctuation in the year in question, the assessee debited a sum of Rs. 64,06,200 on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entitled to treat the said increased liability on account of foreign exchange fluctuation in the revenue account. The learned counsel for the appellant/Revenue seeks time to verify the aforesaid statement. Renotify on December 5, 2008. 3. The learned counsel for the appellant/Revenue has verified the statements made by the learned counsel for the respondent and she submits that it is true that t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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