Value of asset under Wealth-tax Act due to devaluation.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....43A of the I.T. Act, 1961:- (a) Where an assessee had acquired any capital asset from a country outside India for the purposes of his business on deferred payment terms or against a foreign loan before the date of devaluation of the rupee viz., 6th June, 1966, the additional rupee liability incurred by him in meeting the instalments of the cost of the asset or of the foreign loan falling due fo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s. 7,81,942. 2. Public Accounts Committee in its meeting held in the last week of October 1972 commented adversely on the commission of such avoidable mistakes. In view of the magnitude of the short levy of tax the Board has decided to have a general view of the cases completed after devaluation in order to find out that similar mistakes have not been committed in other cases also. Such a revie....