Business Expenditure — S. 42(1)

Last updated: 26 May 2009

Court :
Supreme Court

Brief :
Business Expenditure — S. 42(1) — Special provisions for prospecting for mineral oil — Production sharing contract accounts is an independent accounting regime — Foreign exchange losses on account of foreign currency transaction is allowable as a deduction.

Citation :
CIT v. Enron Oil and Gas India Ltd (2008) 305 ITR 75 (SC)

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