https://www.taxtmi.com/caselaws?id=60367 The Tribunal upheld the CIT(A)'s decision to allow depreciation on the additional liability due to exchange rate fluctuations, rejecting the department's appeal. The Tribunal determined that the assessee was entitled to claim depreciation and investment allowance based on the mercantile system of accounting, aligning with the decision in Kanoria Chemicals & Industries Ltd. and disregarding the conflicting interpretation in Century Enka Ltd. The President, acting as the Third Member, resolved the disagreement by emphasizing the applicability of section 43A and the absence of a requirement for actual payment in claiming the enhanced liability. en-us Thu, 31 Jan 2002 00:00:00 +0530 Tue, 04 Jan 2011 18:18:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60367 The Tribunal upheld the CIT(A)'s decision to allow depreciation on the additional liability due to exchange rate fluctuations, rejecting the department's appeal. The Tribunal determined that the assessee was entitled to claim depreciation and investment allowance based on the mercantile system of accounting, aligning with the decision in Kanoria Chemicals & Industries Ltd. and disregarding the conflicting interpretation in Century Enka Ltd. The President, acting as the Third Member, resolved the disagreement by emphasizing the applicability of section 43A and the absence of a requirement for actual payment in claiming the enhanced liability. Case-Laws Income Tax Thu, 31 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60367