https://www.taxtmi.com/caselaws?id=209386 The High Court allowed the appeal in part, remanding the first two issues for fresh consideration by the assessing officer while dismissing the appeals on the remaining issues. The Court upheld the deduction of exchange rate fluctuation on an outstanding loan based on Accounting Standards, but remanded the issue for further examination. It also directed the assessing officer to reconsider the claim of depreciation for machinery, emphasizing the need for evidence of installation and commissioning. Deductions for amounts paid to consultants were allowed, while expenses incurred on behalf of another company were deemed deductible. The disallowance of payment to foreign technicians for not deducting tax at source was reversed, exempting the payments from TDS requirements. en-us Fri, 01 Oct 2010 00:00:00 +0530 Sat, 20 Jul 2013 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209386 The High Court allowed the appeal in part, remanding the first two issues for fresh consideration by the assessing officer while dismissing the appeals on the remaining issues. The Court upheld the deduction of exchange rate fluctuation on an outstanding loan based on Accounting Standards, but remanded the issue for further examination. It also directed the assessing officer to reconsider the claim of depreciation for machinery, emphasizing the need for evidence of installation and commissioning. Deductions for amounts paid to consultants were allowed, while expenses incurred on behalf of another company were deemed deductible. The disallowance of payment to foreign technicians for not deducting tax at source was reversed, exempting the payments from TDS requirements. Case-Laws Income Tax Fri, 01 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209386