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Case Law Details

Case Name : Oil & Natural Gas Corp. Ltd. Vs Commissioner of Income Tax (Supreme Court of India)
Related Assessment Year :
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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 r

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