https://www.taxtmi.com/caselaws?id=13107 Section 43A of the Income-tax Act requires exchange-rate fluctuations to be ignored when determining actual cost for development rebate. On that basis, any increase in asset cost attributable to devaluation of the rupee could not support a higher rebate claim. The withdrawal of the rebate through rectification was therefore legally sustainable, because the enhanced cost did not qualify for development rebate under the statute. en-us Tue, 17 Jul 2001 00:00:00 +0530 Tue, 26 May 2009 13:50:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13107 Section 43A of the Income-tax Act requires exchange-rate fluctuations to be ignored when determining actual cost for development rebate. On that basis, any increase in asset cost attributable to devaluation of the rupee could not support a higher rebate claim. The withdrawal of the rebate through rectification was therefore legally sustainable, because the enhanced cost did not qualify for development rebate under the statute. Case-Laws Income Tax Tue, 17 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13107