1996 (11) TMI 31 - HC - Income Tax

Summary

The High Court of Madras ruled that excess instalments paid due to exchange rate fluctuations by a public limited industrial company are not allowable as revenue expenditure, but are capital in nature. The Tribunal's decision was upheld based on a previous case involving the same assessee. (Case citation: 1996 (11) TMI 31 - MADRAS High Court)