https://www.taxtmi.com/caselaws?id=173657 The High Court of Punjab and Haryana ruled on the interpretation of Section 43A of the Income Tax Act, 1961 regarding exchange rate fluctuations on capital assets. The Court held that the amended Section 43A, effective from 1.4.2003, required adjustments to be made only at the time of actual payment, not notionally at the end of each financial year. As the assessee followed the mercantile accounting system, they were entitled to exchange rate fluctuation benefits for assessment years before 2003-04. The Court dismissed the revenue's appeals, finding that the amended provisions did not apply retrospectively. en-us Tue, 08 May 2012 00:00:00 +0530 Sat, 19 Sep 2015 13:05:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173657 The High Court of Punjab and Haryana ruled on the interpretation of Section 43A of the Income Tax Act, 1961 regarding exchange rate fluctuations on capital assets. The Court held that the amended Section 43A, effective from 1.4.2003, required adjustments to be made only at the time of actual payment, not notionally at the end of each financial year. As the assessee followed the mercantile accounting system, they were entitled to exchange rate fluctuation benefits for assessment years before 2003-04. The Court dismissed the revenue's appeals, finding that the amended provisions did not apply retrospectively. Case-Laws Income Tax Tue, 08 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173657