Supreme Court of India
Oil and Natural Gas Corporation Ltd., Dehradun through Managing Director v. The Commissioner of Income Tax, Dehradun
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.
What the Court ordered
We are of the opinion that the decision of this Court in Woodward's case (supra) settles the second issue as well.
Judgment, page 15
From the headnote
Income Tax Act, 1961: s.37(1) - AY 1991-92 to 1994-95 and 1997-98 - Deduction on account of fluctuations in rate of exchange - Appel/ant-assessee availed foreign loans to cover its expenses, both capital and revenue, on import of machinery on capital account and for payment to non-resident contractors in foreign currency- Additional liability on account of fluctuations in the rate of exchange, in respect of loans . taken for revenue purpose - Assessee followed mercantile system of accounting - "Loss" suffered by assessee on account of fluctuation in the rate of foreign exchange as on the date
Sign in free to read it
- The full judgment, page by page, as published in the Supreme Court Reports
- The ratio: what the Court held, verbatim, with the page it sits on
- Every bench that relied on it, and every bench that argued against it
- Search every reported judgment, by party, citation or question
- Download the PDF, copy pinpoint citations ready for a filing
An email address, no password.