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TMI Blog1984 (8) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... on of this court: " 1. Whether, on the facts and in the circumstances of the case, the sum of Rs. 10,558 paid by the assessee as exchange difference cannot be allowed as a revenue loss ? 2. If the answer to the first question is in the affirmative, whether, on the facts and in the circumstances of the case, the said payment can be added to the cost of plant and machinery for the purpose of c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the German currency and the money equivalent of the two currencies are matters of fluctuations every day. The assessee paid Rs. 15,969 more as a result of the fluctuations. The assessee paid the amount in two segments, one of Rs. 10,558 and the other of Rs. 5,411. As to the latter amount, no question arises in this reference. Therefore, the details of that amount are not necessary to be stated. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erman firm is the creditor and the assessee is the debtor. The payment was made through DM currency which was arranged by the medium of Industrial Credit and Investment Corporation of India Ltd. If the assessee paid Rs. 10,558 to its creditor, in which case it is obvious that the payment was made by the debtor to the creditor and such an expenditure is revenue expenditure. If the amount is paid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h company, for supply of plant and machinery. This statement of fact was not disputed, but it is disputed in this court. No question, however, was raised to say that it was incorrectly set out before the Tribunal. Learned counsel for the assessee asserted that it is an incorrect statement of fact introduced in the statement of case. It is obvious that if the correctness is disputed, the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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