https://www.taxtmi.com/caselaws?id=37764 For depreciation and development rebate under the Income-tax Act, 1961, the actual cost of imported plant and machinery includes the exchange difference arising from rupee devaluation where the asset was acquired with foreign currency funds and its cost was reflected in Indian rupees at post-devaluation rates. The court followed its earlier decision on identical facts and applied the same principle, treating the devaluation-related difference as part of the capital cost of the machinery. The question was answered in the affirmative, in favour of the assessee. en-us Wed, 09 Aug 1978 00:00:00 +0530 Thu, 01 Apr 2010 10:13:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37764 For depreciation and development rebate under the Income-tax Act, 1961, the actual cost of imported plant and machinery includes the exchange difference arising from rupee devaluation where the asset was acquired with foreign currency funds and its cost was reflected in Indian rupees at post-devaluation rates. The court followed its earlier decision on identical facts and applied the same principle, treating the devaluation-related difference as part of the capital cost of the machinery. The question was answered in the affirmative, in favour of the assessee. Case-Laws Income Tax Wed, 09 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37764