https://www.taxtmi.com/caselaws?id=215874 The Tribunal allowed the assessee's claim for disallowance of foreign exchange loss allocated to sub-sea equipment under Sec. 43A, following a favorable precedent. The claim for disallowance of foreign exchange loss allocated to development expenses under Sec. 42 was allowed for statistical purposes after confirming the start of commercial production. The set-off of brought forward business loss was permitted under Sec. 79 as the change in shareholding did not affect the exemption criteria. The computation of book profit under Sec. 115JB was directed to include depletion of producing properties as depreciation. Other grounds were dismissed or deemed consequential. en-us Fri, 29 Jun 2012 00:00:00 +0530 Tue, 21 Aug 2012 14:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215874 The Tribunal allowed the assessee's claim for disallowance of foreign exchange loss allocated to sub-sea equipment under Sec. 43A, following a favorable precedent. The claim for disallowance of foreign exchange loss allocated to development expenses under Sec. 42 was allowed for statistical purposes after confirming the start of commercial production. The set-off of brought forward business loss was permitted under Sec. 79 as the change in shareholding did not affect the exemption criteria. The computation of book profit under Sec. 115JB was directed to include depletion of producing properties as depreciation. Other grounds were dismissed or deemed consequential. Case-Laws Income Tax Fri, 29 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215874