Section 43A Income Tax Act: Adjustments for Exchange Rate Fluctuations Affect Asset Costs; High Court Allows Depreciation Claims.

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Full Text of the Document

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....Additional Depreciation on increased cost - Adjustments u/s 43A - exchange rate fluctuation - the increase or decrease in liability should be taken into account to modify the figure of actual cost and secondly that such adjustment should be made in the year in which the increase or decrease in liability arises on account of the fluctuation in the rate of exchange - Claim allowed - HC....