https://www.taxtmi.com/caselaws?id=57800 The Tribunal allowed depreciation on the capitalised sum due to exchange rate fluctuation but denied the claim for investment allowance on the same amount. The liability arising from fluctuations in the foreign exchange rate was considered actual and added to the cost of assets for depreciation purposes, following precedents from the Hon'ble Gujarat and Karnataka High Courts. However, the Tribunal held that investment allowance, being a one-time deduction fixed at acquisition, could not be revised due to subsequent exchange rate fluctuations, in line with past decisions from the Hon'ble Karnataka and Gujarat High Courts. en-us Fri, 22 Feb 2002 00:00:00 +0530 Mon, 13 Dec 2010 15:39:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57800 The Tribunal allowed depreciation on the capitalised sum due to exchange rate fluctuation but denied the claim for investment allowance on the same amount. The liability arising from fluctuations in the foreign exchange rate was considered actual and added to the cost of assets for depreciation purposes, following precedents from the Hon'ble Gujarat and Karnataka High Courts. However, the Tribunal held that investment allowance, being a one-time deduction fixed at acquisition, could not be revised due to subsequent exchange rate fluctuations, in line with past decisions from the Hon'ble Karnataka and Gujarat High Courts. Case-Laws Income Tax Fri, 22 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57800