https://www.taxtmi.com/caselaws?id=308368 The High Court of Bombay clarified the interpretation of Section 256(1) of the Income Tax Act, 1961 regarding the deductibility of additional liability arising from exchange rate fluctuation in the computation of business profits. The judgment favored the applicant assessee, ruling against the Revenue based on a previous decision and the guidance provided by the Apex Court's ruling in a similar matter. The Reference was disposed of in favor of the applicant assessee, with no order as to costs issued by the Court. en-us Fri, 22 Jul 2016 00:00:00 +0530 Tue, 20 Jun 2023 21:05:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308368 The High Court of Bombay clarified the interpretation of Section 256(1) of the Income Tax Act, 1961 regarding the deductibility of additional liability arising from exchange rate fluctuation in the computation of business profits. The judgment favored the applicant assessee, ruling against the Revenue based on a previous decision and the guidance provided by the Apex Court's ruling in a similar matter. The Reference was disposed of in favor of the applicant assessee, with no order as to costs issued by the Court. Case-Laws Income Tax Fri, 22 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308368