https://www.taxtmi.com/caselaws?id=30869 The court held that the depreciation on account of foreign exchange loss was admissible under section 42 of the Income-tax Act, 1961, as per the agreement terms. It concluded that the Revenue could not deny depreciation for losses when it accepted taxes on gains from exchange rate changes in other years. All three substantial questions of law were answered against the Revenue, and the appeals were dismissed. en-us Thu, 17 Jan 2008 00:00:00 +0530 Wed, 01 Oct 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30869 The court held that the depreciation on account of foreign exchange loss was admissible under section 42 of the Income-tax Act, 1961, as per the agreement terms. It concluded that the Revenue could not deny depreciation for losses when it accepted taxes on gains from exchange rate changes in other years. All three substantial questions of law were answered against the Revenue, and the appeals were dismissed. Case-Laws Income Tax Thu, 17 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30869