Supreme Court of India
Commissioner of Income Tax, Madras v. M/s. Lucas T.V.S. Ltd. Padi Chennai
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From the headnote
Income Tax Act, 1961; Ss. 32A and 43A(l): Investment allowance-Allowing of in one or more than one financial years-Held: S.43A(J) relates to fluctuation of foreign exchange and has nothing to do with allowability of investment in terms of s. 32( ) of the Act in one or more assessment years-High Court did not take into consideration the related provisions of law in its proper perspective while dismissing the appeal of the Revenue- Hence, matter remitted to High Court for adjudication afresh after formulating the question of law involved. The main issue arose for consideration in these appeals
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