Case Law Details
The ratio of the decision in the case of CIT v. Woodward Governor India Pvt. Ltd. [2009] 179 Taxman 326 (SC) to the effect that “the loss suffered by the assessee, maintaining accounts regularly on mercantile system and following accounting standards prescribed by the Institute of Chartered Accountants of India (ICAI), on account of fluctuation in the rate of foreign exchange as on the date of balance-sheet was an item of expenditure under section 37(1) notwithstanding that the liability had not been discharged in the year in which the fluctuation in the rate of foreign exchange occurred” would squarely apply to the facts of the case in question.
IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO. 7223 0f 2008
Oil & Natural Gas Corporation Ltd., Dehradun
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