https://www.taxtmi.com/caselaws?id=251257 The court ruled in favor of the assessee in both issues raised in the reference. The deduction towards exchange rate fluctuation and the claim of Managing Director's remuneration were allowed in the computation of business profits. The court relied on precedents such as Commissioner of Income Tax v. Woodward Governor India P. Ltd. and Income Tax Reference No.23 of 1993 to support its decision. As a result, the reference was disposed of in favor of the assessee, with no orders as to costs. en-us Thu, 21 Aug 2014 00:00:00 +0530 Tue, 09 Sep 2014 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251257 The court ruled in favor of the assessee in both issues raised in the reference. The deduction towards exchange rate fluctuation and the claim of Managing Director's remuneration were allowed in the computation of business profits. The court relied on precedents such as Commissioner of Income Tax v. Woodward Governor India P. Ltd. and Income Tax Reference No.23 of 1993 to support its decision. As a result, the reference was disposed of in favor of the assessee, with no orders as to costs. Case-Laws Income Tax Thu, 21 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251257