2024 (7) TMI 515

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.... actual cost of the ship by name M/s. M.V. Prabhu Das acquired in September 1988 from the foreign country and the Assessee was entitled to investment allowance on the additional cost in the year of fluctuation ?" 2. The Assessee has filed three Appeals, namely, Income Tax Appeal No.237 of 2004 for assessment year 1990-91; Income Tax Appeal No.242 of 2004 for assessment year 1991-92 and Income Tax Appeal No.829 of 2004 for assessment year 1992-93. Learned Counsel for the Assessee as well as for the Revenue submit that the aforesaid question of law has already been answered by an order of a Division Bench of this Court dated 20th January, 2023, while disposing of five Appeals, namely, Income Tax Appeal Nos.597 of 2003, 595 of 2003, 594 of ....

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....xtent of exchange rate fluctuations. Since ITAT placed reliance upon Khatau Makanji's case, it would be relevant to note the question of law in that case, and the view expressed on the same:- ".....So far as the third question is concerned, learned counsel for the Assessee submits that this question is not covered and the Assessee is entitled to investment allowance under section 32A in respect of additional costs of the imported assets which has taken place because of the fluctuation in the rate of exchange in the year subsequent to the year of acquisition. We have heard learned counsel for the Assessee. We have perused section 32A. We do not find anything there which may support the above contention of learned counsel for the Ass....