https://www.taxtmi.com/caselaws?id=63283 Exchange fluctuation linked to foreign currency loans used to acquire plant and machinery was treated as part of the asset cost, so depreciation under section 43A could not be denied and the assessee's claim succeeded. Gains from cancellation of foreign exchange forward contracts entered into to hedge repayment of such capital loans were held to be capital receipts, not taxable revenue income, and the addition was deleted. The Tribunal also admitted an additional legal ground on investment allowance and allowed it on merits, following the assessee's earlier years' orders and the principle of consistency. en-us Thu, 13 Nov 2003 00:00:00 +0530 Fri, 28 Jan 2011 18:41:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63283 Exchange fluctuation linked to foreign currency loans used to acquire plant and machinery was treated as part of the asset cost, so depreciation under section 43A could not be denied and the assessee's claim succeeded. Gains from cancellation of foreign exchange forward contracts entered into to hedge repayment of such capital loans were held to be capital receipts, not taxable revenue income, and the addition was deleted. The Tribunal also admitted an additional legal ground on investment allowance and allowed it on merits, following the assessee's earlier years' orders and the principle of consistency. Case-Laws Income Tax Thu, 13 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63283