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Investment allowance, consequent to exchange rate fluctuation is allowable
Case Law Details
- Case Name
- Tolani Ltd Vs DCIT (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 1991-92
- Courts
- All High Courts, Bombay High Court
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Tolani Ltd Vs DCIT (Bombay High Court)
The Bombay High Court recently addressed a critical tax issue involving M/s. Tolani Ltd. regarding the eligibility for investment allowance based on exchange rate fluctuations. The case revolved around whether the increase in loan liability due to foreign exchange rate fluctuations could be considered as part of the actual cost of acquiring M/s. M.V. Prabhu Das. M/s. Tolani Ltd., engaged in shipping, had claimed investment allowance under Section 32A of the Income Tax Act. The contention was that the fluctuation-related costs should be factored into the a...
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