https://www.taxtmi.com/caselaws?id=10857 The court upheld the decision of the Income-tax Appellate Tribunal regarding the calculation of depreciation due to foreign exchange rate fluctuation. It ruled that adjustments should be based on the foreign exchange rate as on the last date of the previous year, as per section 43A of the Income-tax Act, 1961. The court also affirmed that depreciation should be allowed on an increase in liability of a foreign currency loan for plant and machinery, in accordance with section 43A. The appeal was dismissed, with the court finding no substantial question of law involved and agreeing with the Tribunal's decision. en-us Fri, 21 Nov 2003 00:00:00 +0530 Sun, 26 Jul 2009 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10857 The court upheld the decision of the Income-tax Appellate Tribunal regarding the calculation of depreciation due to foreign exchange rate fluctuation. It ruled that adjustments should be based on the foreign exchange rate as on the last date of the previous year, as per section 43A of the Income-tax Act, 1961. The court also affirmed that depreciation should be allowed on an increase in liability of a foreign currency loan for plant and machinery, in accordance with section 43A. The appeal was dismissed, with the court finding no substantial question of law involved and agreeing with the Tribunal's decision. Case-Laws Income Tax Fri, 21 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10857