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TMI Blog2002 (4) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... edabad Bench "C", has referred the following questions for the opinion of this court: R. A. No. 781/Ahd of 1987. At the instance of the Commissioner of Income-tax "(i) Whether, the cost of plant and machinery under erection as also the cost of building under construction was to be included in the capital base for purposes of deduction under section 80J of the Income-tax Act, 1961?" R. A. No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssioner of Income-tax (Appeals) relying on the decision of this court in CIT v. Cibatul Ltd. [1978] 115 ITR 879. The Tribunal, following the decision of this court, confirmed the order of the Commissioner of Income-tax (Appeals). The decision of this court in Cibatul Ltd.'s case [1978] 115 ITR 879 was followed in CIT v. Gujarat State Fertilizer Co. Ltd. [1996] 219 ITR 550 (Guj). In CIT v. Alcock A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amount paid as a result of the fluctuation in exchange rate, the Tribunal relying upon its earlier decision in Windsor Foods Ltd. v. ITO, held that the amount pertaining to the principal would qualify for investment allowance. The Division Bench of this court, considering the earlier decision of the Tribunal, in CIT v. Windsor Foods Ltd. [1999] 235 ITR 249 has held that the Appellate Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the exchange loss consequent upon the fluctuation in exchange rate was allowable as a deduction. In this regard, considering the similar claim and relying upon the Supreme Court decision in Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1, this court has held in CIT v. Windsor Foods Ltd. [1999] 235 ITR 249 that the additional liability arising due to the fluctuation in the exchange rate was clear ..... X X X X Extracts X X X X X X X X Extracts X X X X
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