2010 (9) TMI 198 - HC - Income Tax

Condonation of delay - Addition - on account of foreign exchange fluctuation - It is pertinent to mention that the aforesaid judgment has also been affirmed by the Supreme Court in CIT Vs. Woodward Governor India (Pvt.) Ltd., (2009 -TMI - 32906 - SUPREME COURT) - held that loss suffered as on the date of balance sheet is an item of expenditure u/s 37(1) - increase in liability on capital account - appeal is dismissed

Summary

The Delhi High Court condoned the delay in refiling an appeal challenging an order by the Income Tax Appellate Tribunal regarding foreign exchange fluctuation. The appeal was dismissed as the issue had already been decided by a Division Bench judgment affirmed by the Supreme Court.