https://www.taxtmi.com/caselaws?id=32906 SC held that foreign exchange loss on loans, measured as at the balance-sheet date, is an allowable revenue deduction under s.37(1). An increase in liability attributable to exchange fluctuation on imported capital assets falls within capital account; however, under unamended s.43A prior to 1.4.03 the assessee was entitled to adjust the actual cost of imported assets at each balance-sheet date to reflect exchange variations. The subsequent amendment to s.43A was held to be amendatory, not merely clarificatory. en-us Wed, 08 Apr 2009 00:00:00 +0530 Sat, 20 Sep 2025 13:44:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32906 SC held that foreign exchange loss on loans, measured as at the balance-sheet date, is an allowable revenue deduction under s.37(1). An increase in liability attributable to exchange fluctuation on imported capital assets falls within capital account; however, under unamended s.43A prior to 1.4.03 the assessee was entitled to adjust the actual cost of imported assets at each balance-sheet date to reflect exchange variations. The subsequent amendment to s.43A was held to be amendatory, not merely clarificatory. Case-Laws Income Tax Wed, 08 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32906