https://www.taxtmi.com/caselaws?id=75704 SC held that, for assessment years prior to 1 April 2003, an assessee maintaining mercantile accounts and following ICAI standards may treat loss from foreign-exchange fluctuation on capital-account loans as revenue expenditure under s.37(1) and adjust the cost of imported capital assets at each balance-sheet date pending actual payment. The Court ruled the Finance Act 2002 amendment to s.43A is prospective, and under the unamended s.43A actual payment was not a condition precedent for adjustment. All appeals were allowed and the impugned orders set aside. en-us Mon, 15 Mar 2010 00:00:00 +0530 Sat, 30 Aug 2025 13:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75704 SC held that, for assessment years prior to 1 April 2003, an assessee maintaining mercantile accounts and following ICAI standards may treat loss from foreign-exchange fluctuation on capital-account loans as revenue expenditure under s.37(1) and adjust the cost of imported capital assets at each balance-sheet date pending actual payment. The Court ruled the Finance Act 2002 amendment to s.43A is prospective, and under the unamended s.43A actual payment was not a condition precedent for adjustment. All appeals were allowed and the impugned orders set aside. Case-Laws Income Tax Mon, 15 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75704