https://www.taxtmi.com/caselaws?id=216661 The Tribunal ruled in favor of the assessee on all three issues. It held that disallowing unrealized profit on a forward exchange contract would result in double taxation. The addition of legal and professional charges was considered revenue expenditure, not capital, following relevant case law. Additionally, the Tribunal upheld the higher depreciation rate of 60% for computer peripherals and accessories, in line with a Delhi High Court decision. The Revenue's appeal was dismissed, emphasizing principles of tax avoidance, distinguishing between capital and revenue expenses, and recognizing the integral nature of computer peripherals for depreciation purposes. en-us Fri, 06 Jul 2012 00:00:00 +0530 Fri, 14 Sep 2012 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216661 The Tribunal ruled in favor of the assessee on all three issues. It held that disallowing unrealized profit on a forward exchange contract would result in double taxation. The addition of legal and professional charges was considered revenue expenditure, not capital, following relevant case law. Additionally, the Tribunal upheld the higher depreciation rate of 60% for computer peripherals and accessories, in line with a Delhi High Court decision. The Revenue's appeal was dismissed, emphasizing principles of tax avoidance, distinguishing between capital and revenue expenses, and recognizing the integral nature of computer peripherals for depreciation purposes. Case-Laws Income Tax Fri, 06 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216661