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Roll over charges paid on foreign exchange forward contracts required to be adjusted in the carrying amount of fixed asset
Case Law Details
- Case Name
- ACIT Vs Elecon Engineering Co. Ltd. (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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CASE LAWS DETAILS
DECIDED BY: SUPREME COURT OF INDIA,
IN THE CASE OF: ACIT Vs Elecon Engineering Co. Ltd., APPEAL NO: Civil Appeal Nos. 2057 To 2065 of 2010, DECIDED ON: FEBRUARY 26, 2010
RELEVANT PARAGRAPH
9. Section 43A, before its substitution by a new Section 43A vide Finance Act, 2002, was inserted by Finance Act, 1967 with effect from 1.4.1967, after the devaluation of the rupee on 6 June, 1966. It applied where as a result of change in the rate of exchange there was an increase or reduction in the liability of the assessee in terms of the Indian rupee to pay the price of any asset pa...
