Supreme Court of India
Commissioner of Income Tax, Delhi v. M/s Woodward Governor India P. Ltd.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
2 Supreme Court benches have cited this judgment.
What the Court ordered
We hold that, in the present case, the "loss" suffered by the assessee on account G of the exchange difference as on the date of the balance sheet is an item of expenditure under Section 37(1) of the 1961 Act.
Judgment, page 22
From the headnote
Income Tax Act, 1961: c s. 37(1) - Loan for revenue purpose - Fluctuation in rate of exchange - Deduction of additional liability arising therein uls 37(1) in year of fluctuation in rate of exchange or in year of repayment of such loan - Held: Loss on account of exchange difference as on date of balance sheet is item of ,,. expenditure u/s.37(1) and is deductible thereunder - Any .. difference, Joss or gain, arising on conversion of said liability at closing rate, should be recognized in profit and loss account for the reporting period ·- Accounting method followed by assessee continuously
Where later benches applied it
- 2013 M/s. Gian Chand & Brothers and Another v. Rattan Lal @ Rattan Singh
- 2026 M/s Jindal Equipment Leasing Consultancy Services Ltd. v. Commissioner of Income Tax
Of those, 1 relied on · 1 referred to
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