Supreme Court of India
Wipro Finance Ltd. v. Commissioner of Income Tax
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.
From the headnote
Income Tax Act, 1961: s.37 – Disallowance – Loan borrowed by assessee in foreign currency for expanding its prima ry business of leasing and hire purchase of capital equipment to existin g Indian enterprise – While repaying the loan, due to the diff erence of rate of foreign exchange, the assessee had to pay higher amount, resulting in loss to the appellant –Claim for deductio n on account of loss of income owing to exchange fluctuation – Held: Transaction of loan was in nature of borrowing money which was necessary for carrying on its business of financing – It was the acti vity concerning
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