https://www.taxtmi.com/caselaws?id=30581 The Supreme Court dismissed the civil appeal, affirming that the translation losses incurred by EOGIL were real and deductible under Section 42(1) of the Income Tax Act, 1961, as per the provisions of the Production Sharing Contract. The court emphasized the unique accounting regime of the PSC, requiring recognition of currency translation gains and losses, validating the assessee's claim for deductions. en-us Tue, 02 Sep 2008 00:00:00 +0530 Thu, 25 Sep 2008 08:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30581 The Supreme Court dismissed the civil appeal, affirming that the translation losses incurred by EOGIL were real and deductible under Section 42(1) of the Income Tax Act, 1961, as per the provisions of the Production Sharing Contract. The court emphasized the unique accounting regime of the PSC, requiring recognition of currency translation gains and losses, validating the assessee's claim for deductions. Case-Laws Income Tax Tue, 02 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30581