https://www.taxtmi.com/caselaws?id=38359 The court held that the increased liability incurred by the assessee due to the devaluation of the Indian rupee should be considered in determining the actual cost of the imported machinery for the purpose of allowing development rebate under section 33 of the Income-tax Act, 1961. The Tribunal's decision to the contrary was incorrect. The second question regarding the deductibility of the additional liability from business profits was not pressed by the assessee, and the court did not express any opinion on it. The court ruled in favor of the assessee and against the revenue, awarding costs to the assessee. en-us Fri, 15 Jul 1977 00:00:00 +0530 Mon, 05 Apr 2010 17:15:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38359 The court held that the increased liability incurred by the assessee due to the devaluation of the Indian rupee should be considered in determining the actual cost of the imported machinery for the purpose of allowing development rebate under section 33 of the Income-tax Act, 1961. The Tribunal's decision to the contrary was incorrect. The second question regarding the deductibility of the additional liability from business profits was not pressed by the assessee, and the court did not express any opinion on it. The court ruled in favor of the assessee and against the revenue, awarding costs to the assessee. Case-Laws Income Tax Fri, 15 Jul 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38359