https://www.taxtmi.com/caselaws?id=26735 The High Court of Bombay delivered a common judgment on multiple references related to the interpretation of section 43A of the Income-tax Act, 1961. The court ruled in favor of the companies in the Tata group, allowing depreciation on increased liability for loan repayment due to revaluation of foreign currencies. The court emphasized that section 43A applies prospectively from April 1, 1967, and permits adjustment of actual cost based on changes in foreign exchange rates, affirming the companies' entitlement to depreciation on the increased liability. The Commissioner was directed to pay the costs of the references to the companies. en-us Wed, 30 Oct 1985 00:00:00 +0530 Mon, 08 Feb 2010 12:09:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26735 The High Court of Bombay delivered a common judgment on multiple references related to the interpretation of section 43A of the Income-tax Act, 1961. The court ruled in favor of the companies in the Tata group, allowing depreciation on increased liability for loan repayment due to revaluation of foreign currencies. The court emphasized that section 43A applies prospectively from April 1, 1967, and permits adjustment of actual cost based on changes in foreign exchange rates, affirming the companies' entitlement to depreciation on the increased liability. The Commissioner was directed to pay the costs of the references to the companies. Case-Laws Income Tax Wed, 30 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26735