ISPAT ALLOYS LTD. vs. DY.COMMNR.OF I.T.

The appeal is allowed in the above terms with no

Bench: The Assessing Officer (Ao) & Claimed Depreciation Allowance On The Increased Cost Of The Plant & Machinery Due To Exchange Fluctuations. The Ao In The Assessment Order Dated 31St March 1997 Rejected The Above Claim.

depreciation allowance on increased cost of plant and machinery due to exchange rate fluctuation. The CIT (A) referred to the decision of the Calcutta High Court in Commissioner of Income Tax v. Kanoria Chemicals and Industries Ltd [1994] 207 ITR 718 (Cal); the decision of Bombay High Court in Commissioner of Income Tax v. Hindustan Aluminum Corporation Ltd. [1994] 207