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Provisions relating to asset purchased from foreign country.
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....ountry outside India for the purposes of his business or profession and, due to a change in the rate of exchange after the acquisition of such asset, there is an increase or reduction in the liability of the assessee in rupees for making payment towards the whole or a part of the cost of the asset or for repayment of the loan borrowed by him in any foreign currency specifically for the purpose of ....
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.... of the Income-tax Act, 1961. Copy of Min. Of. Fin. (Dept. of Economic Affairs) Notification F.No. 1/22/BP/71 dated 19-12-1971. S.O 5539- In exercise of the powers conferred by section 40 of the Reserve bank of India Act, 1934 (2 of 1934), and in supersession of the previous directions given in this behalf the Central Government hereby directs that the Reserve bank of India shall buy from an....