capital outlay

CIT vs Oil and Natural Gas Corpn. Ltd.- Business loss: Business expenditure - Notional Liability: Loss due to fluctuations in foreign exchange rates The assessee had borrowed funds in foreign exchange for the purpose of capital outlay. No liability for repayment of loan was quantified nor any payment was made. The notional liability on account of change in exchange rates could not be allowed on notional basis, nor this could be taken into account for determining actual .. Full Article