https://www.taxtmi.com/caselaws?id=203023 The High Court upheld the Tribunal's decision in favor of the assessee, dismissing the Revenue's appeal regarding the disallowance of depreciation claimed due to fluctuation in foreign exchange rates. The Court relied on legal precedents and accounting standards to determine that the change in asset value resulting from currency fluctuation is not a contingent liability, supporting the assessee's position. The judgment emphasized the need to consider currency fluctuations in adjusting asset values, in line with established legal principles and prior court rulings on similar matters. en-us Fri, 17 Dec 2010 00:00:00 +0530 Wed, 21 Mar 2012 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203023 The High Court upheld the Tribunal's decision in favor of the assessee, dismissing the Revenue's appeal regarding the disallowance of depreciation claimed due to fluctuation in foreign exchange rates. The Court relied on legal precedents and accounting standards to determine that the change in asset value resulting from currency fluctuation is not a contingent liability, supporting the assessee's position. The judgment emphasized the need to consider currency fluctuations in adjusting asset values, in line with established legal principles and prior court rulings on similar matters. Case-Laws Income Tax Fri, 17 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203023