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Foreign exchange fluctuation rule: capitalise exchange-rate variation into asset cost, adjusting acquisition cost for tax purposes. Capitalisation of foreign exchange fluctuation requires that variations in liability from exchange-rate changes on payment for an asset in foreign currency be computed as A = B - C (B: amount paid in Indian currency during the tax year; C: liability in Indian currency at acquisition) and added to or deducted from the actual cost of the asset, capital expenditure, or cost of acquisition; where an authorised dealer contract fixes a future exchange rate, the portion available to discharge the liability is computed with reference to that rate.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
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<h1>Foreign exchange fluctuation rule: capitalise exchange-rate variation into asset cost, adjusting acquisition cost for tax purposes.</h1> Capitalisation of foreign exchange fluctuation requires that variations in liability from exchange-rate changes on payment for an asset in foreign currency be computed as A = B - C (B: amount paid in Indian currency during the tax year; C: liability in Indian currency at acquisition) and added to or deducted from the actual cost of the asset, capital expenditure, or cost of acquisition; where an authorised dealer contract fixes a future exchange rate, the portion available to discharge the liability is computed with reference to that rate.
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