https://www.taxtmi.com/caselaws?id=24451 The High Court of Andhra Pradesh ruled in favor of the Revenue, disallowing the deduction claimed for loss due to exchange fluctuations in purchasing machinery from abroad as revenue expenditure. The court also held that surtax payable under the Companies (Profits) Surtax Act cannot be deducted as business expenditure. The judgment, delivered by K. Ramaswamy J., referenced Section 43A of the Income-tax Act and established case law supporting the capital nature of such expenses. The court granted leave to appeal to the Supreme Court on the surtax issue. en-us Thu, 19 Feb 1987 00:00:00 +0530 Wed, 20 Jan 2010 11:47:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24451 The High Court of Andhra Pradesh ruled in favor of the Revenue, disallowing the deduction claimed for loss due to exchange fluctuations in purchasing machinery from abroad as revenue expenditure. The court also held that surtax payable under the Companies (Profits) Surtax Act cannot be deducted as business expenditure. The judgment, delivered by K. Ramaswamy J., referenced Section 43A of the Income-tax Act and established case law supporting the capital nature of such expenses. The court granted leave to appeal to the Supreme Court on the surtax issue. Case-Laws Income Tax Thu, 19 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24451