https://www.taxtmi.com/caselaws?id=24752 The Calcutta HC treated the tax treatment of excess payments arising from exchange rate fluctuations on repayment of foreign currency loans used to acquire machinery as a substantial question of law fit for Supreme Court consideration. It noted that the issue could recur in international transactions, that a related devaluation-loss question involving the same assessee had already been referred, and that the Madras High Court ruling relied on by the Revenue was not directly applicable. The Court also observed that section 43A of the Income-tax Act, 1961 was not in force for the relevant assessment years. The certificate was granted and the application was allowed. en-us Mon, 18 May 1987 00:00:00 +0530 Fri, 22 Jan 2010 11:17:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24752 The Calcutta HC treated the tax treatment of excess payments arising from exchange rate fluctuations on repayment of foreign currency loans used to acquire machinery as a substantial question of law fit for Supreme Court consideration. It noted that the issue could recur in international transactions, that a related devaluation-loss question involving the same assessee had already been referred, and that the Madras High Court ruling relied on by the Revenue was not directly applicable. The Court also observed that section 43A of the Income-tax Act, 1961 was not in force for the relevant assessment years. The certificate was granted and the application was allowed. Case-Laws Income Tax Mon, 18 May 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24752