https://www.taxtmi.com/caselaws?id=20334 The court ruled in favor of the assessee regarding the entitlement to depreciation and development rebate on the increased liability due to exchange rate differences. The Tribunal held that the entire increase in liability should be considered for depreciation under the mercantile system of accounting. Additionally, the Tribunal allowed the development rebate claim based on a previous Calcutta High Court decision, emphasizing that assets eligible for development rebate should also receive depreciation allowance. The judgment concluded in favor of the assessee on both issues, with no order as to costs. en-us Thu, 28 Mar 1991 00:00:00 +0530 Fri, 13 Nov 2009 13:15:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20334 The court ruled in favor of the assessee regarding the entitlement to depreciation and development rebate on the increased liability due to exchange rate differences. The Tribunal held that the entire increase in liability should be considered for depreciation under the mercantile system of accounting. Additionally, the Tribunal allowed the development rebate claim based on a previous Calcutta High Court decision, emphasizing that assets eligible for development rebate should also receive depreciation allowance. The judgment concluded in favor of the assessee on both issues, with no order as to costs. Case-Laws Income Tax Thu, 28 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20334