https://www.taxtmi.com/caselaws?id=243781 The court affirmed the disallowance of Rs. 1,64,87,375/- as a contingent liability, not deductible, and ruled that Section 43B did not apply as the liability was contractual, not statutory. The court allowed the deduction for foreign exchange fluctuation loss, in favor of the assessee. The appeal was disposed of with no order as to costs. en-us Fri, 07 Feb 2014 00:00:00 +0530 Tue, 03 Jun 2014 18:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243781 The court affirmed the disallowance of Rs. 1,64,87,375/- as a contingent liability, not deductible, and ruled that Section 43B did not apply as the liability was contractual, not statutory. The court allowed the deduction for foreign exchange fluctuation loss, in favor of the assessee. The appeal was disposed of with no order as to costs. Case-Laws Income Tax Fri, 07 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243781