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High Court rules VAT refund in Indian Rupees; company to cover exchange rate losses on USD fluctuations.

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Full Text of the Document

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....Refund of Amount unauthorisedly deducted as tax under VAT - Whether the amount should be in U.S. Dollars or in Rupees? - TDS due to wrong interpretation by ONGS - Refund will be in INR, however, ONGC will pay difference due to fluctuation in the Dollar vis-a-vis Indian Rupee - HC....

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