Revaluation

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

INCOME TAX NOTIFICATION NO-45/2008, DT: March 24, 2008 Method for determining amount of expenditure in relation to income not includible in total income. 8D(1) Where the Assessing Officer, having regard to the accounts of the assessee of a previous year, is not satisfied with-(a) the correctness of the claim of expenditure made by the assessee; or (b) the claim made by the assessee that no expenditure has been incurred, in relation to income which does not form part of t.. Full Article