https://www.taxtmi.com/caselaws?id=413769 The Tribunal allowed the appeal for A.Y. 2011-12, directing the AO to delete the disallowed depreciation of &8377;54,29,216 due to exchange fluctuations in assets acquired from foreign currency convertible bonds. Relying on precedents and consistent application of accounting standards, the Tribunal emphasized the allowance of depreciation on exchange loss attributable to depreciable assets acquired in India. The decision underscores the importance of aligning assessments with legal principles and norms, ensuring uniformity in treatment across assessment years. en-us Tue, 17 Aug 2021 00:00:00 +0530 Wed, 20 Oct 2021 09:11:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413769 The Tribunal allowed the appeal for A.Y. 2011-12, directing the AO to delete the disallowed depreciation of &8377;54,29,216 due to exchange fluctuations in assets acquired from foreign currency convertible bonds. Relying on precedents and consistent application of accounting standards, the Tribunal emphasized the allowance of depreciation on exchange loss attributable to depreciable assets acquired in India. The decision underscores the importance of aligning assessments with legal principles and norms, ensuring uniformity in treatment across assessment years. Case-Laws Income Tax Tue, 17 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413769