The issue that lies at the heart of

Owing to a steep depreciation in the value of Indian Rupee against the US Dollar, the Government of India, under Section 211 of Companies Act, 1956, issued a notification giving an option to assessees, to either take the entire amount of loss due to exchange rate movement, to the profit and loss account; or to defer the impact of such loss by capitalizing such losses with the cost of the assets so acquired. The Respondent-Assessee, therefore, was of the view that it was for the Respondent-Assessee to decide how it would choose to absorb the impact arising out of exchange rate differences.

Test Type	PAID
Total Words	500 Words
Words Per Minutes	100 WPM
Time	25 min