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of <h1>Amended Section 43A Adjusts Asset Costs for Currency Exchange Rate Changes in Foreign Acquisitions</h1> Section 43A of the Income-tax Act, as amended by the Finance Act, 2002, addresses the impact of currency exchange rate changes on liabilities related to assets acquired abroad for business or professional purposes. If the exchange rate changes after asset acquisition, affecting the liability in Indian currency, the increase or reduction in liability is adjusted against the asset's cost or related capital expenditure. This adjustment applies regardless of the accounting method used. The section includes definitions for 'rate of exchange' and clarifies how liabilities met by others or through specific contracts are treated.
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