https://www.taxtmi.com/caselaws?id=26011 The court held that the loss due to exchange fluctuation is capital in nature and not allowable as a revenue loss under section 43A of the Income-tax Act, 1961. It clarified that the written down value of assets entitled to depreciation should be considered in determining capital employed for relief under section 80J. The court ruled that depreciation should not be allowed for assets used in scientific research. Fees paid to the Registrar of Companies were deemed capital expenditure and not allowable under section 37. Surtax paid under the Companies (Profits) Surtax Act, 1964, was also not deductible in computing taxable income. The judgment was disposed of without costs, and a certificate for appeal to the Supreme Court was granted on specific issues. en-us Tue, 24 Jun 1986 00:00:00 +0530 Tue, 02 Feb 2010 12:42:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26011 The court held that the loss due to exchange fluctuation is capital in nature and not allowable as a revenue loss under section 43A of the Income-tax Act, 1961. It clarified that the written down value of assets entitled to depreciation should be considered in determining capital employed for relief under section 80J. The court ruled that depreciation should not be allowed for assets used in scientific research. Fees paid to the Registrar of Companies were deemed capital expenditure and not allowable under section 37. Surtax paid under the Companies (Profits) Surtax Act, 1964, was also not deductible in computing taxable income. The judgment was disposed of without costs, and a certificate for appeal to the Supreme Court was granted on specific issues. Case-Laws Income Tax Tue, 24 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26011