https://www.taxtmi.com/caselaws?id=12276 The High Court held that the cost of plant and machinery under erection and building under construction should be included in the capital base for deduction under section 80J of the Income-tax Act, 1961. Additionally, the court ruled that the assessee was not entitled to investment allowance for the amount paid due to fluctuation in exchange rate, and that the exchange loss resulting from exchange rate fluctuations was not allowable as a deduction, as it was considered of a capital nature. The judgment favored the Revenue in all three issues presented. en-us Fri, 12 Apr 2002 00:00:00 +0530 Sat, 20 Feb 2010 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12276 The High Court held that the cost of plant and machinery under erection and building under construction should be included in the capital base for deduction under section 80J of the Income-tax Act, 1961. Additionally, the court ruled that the assessee was not entitled to investment allowance for the amount paid due to fluctuation in exchange rate, and that the exchange loss resulting from exchange rate fluctuations was not allowable as a deduction, as it was considered of a capital nature. The judgment favored the Revenue in all three issues presented. Case-Laws Income Tax Fri, 12 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12276