Section 43A : Actual payment was not a condition precedent for making necessary adjustment in carrying cost of fixed asset acquired in foreign currency

CASE LAWS DETAILS DECIDED BY: SUPREME COURT OF INDIA IN THE CASE OF: Oil & Natural Gas Corp. Ltd. Vs Commissioner of Income Tax, APPEAL NO: Civil Appeal No. 7223 of 2008, DECIDED ON: March 15, 2010 RELEVANT PARAGRAPH 12. On the question whether an Assessee is entitled to adjust the actual cost of imported assets acquired in foreign currency on account of fluctuation in the rate of exchange at each balance-sheet date, pending actual payment of the varied liability with reference to unamended Section 43A of the Act, in Woodward’s case (supra), the Court observed thus: “…wha...