https://www.taxtmi.com/caselaws?id=17359 Excess instalments paid on repayment of a foreign currency loan taken to import machinery were treated as capital in nature under section 43A of the Income-tax Act, 1961. The additional liability arose solely from exchange rate fluctuation during repayment and was attributable to the acquisition of the capital asset, not to day-to-day trading operations. Following its earlier view in the same assessee's case for other assessment years, the Madras HC held that the excess payment was not deductible as revenue expenditure. en-us Thu, 07 Nov 1996 00:00:00 +0530 Mon, 21 Sep 2009 17:41:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17359 Excess instalments paid on repayment of a foreign currency loan taken to import machinery were treated as capital in nature under section 43A of the Income-tax Act, 1961. The additional liability arose solely from exchange rate fluctuation during repayment and was attributable to the acquisition of the capital asset, not to day-to-day trading operations. Following its earlier view in the same assessee's case for other assessment years, the Madras HC held that the excess payment was not deductible as revenue expenditure. Case-Laws Income Tax Thu, 07 Nov 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17359