https://www.taxtmi.com/caselaws?id=13173 The High Court of Delhi held that the liability incurred by an assessee company to foreign suppliers due to the devaluation of the Indian rupee could only be considered in the years when the payments were actually made. The court dismissed the references, affirming the Tribunal's decision that no legal questions arose from the case as it was based on factual findings. The judgment underscores the significance of factual analysis in determining tax implications related to currency devaluation liabilities, stressing the requirement for payments to be made before claiming deductions in the relevant assessment years. en-us Mon, 06 Aug 2001 00:00:00 +0530 Tue, 26 May 2009 17:48:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13173 The High Court of Delhi held that the liability incurred by an assessee company to foreign suppliers due to the devaluation of the Indian rupee could only be considered in the years when the payments were actually made. The court dismissed the references, affirming the Tribunal's decision that no legal questions arose from the case as it was based on factual findings. The judgment underscores the significance of factual analysis in determining tax implications related to currency devaluation liabilities, stressing the requirement for payments to be made before claiming deductions in the relevant assessment years. Case-Laws Income Tax Mon, 06 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13173