Commiioner Of Income Tax & Anr. vs Enron Oil & Gas India Ltd.

Authority: Supreme Court Date: 2008-09-02 AY: 1999-00, 2000-01 Section: 42 Acts: Income Tax Act 1961, Section 42, Section 115JA, Section 293A Result: Assessee Citation: (2008) 218 CTR (SC) 641 : (2008) 305 ITR 75 : (2008) 173 TAXMAN 346 : (2008) 12 DTR 186 Justices: S.H. Kapadia & B. Sudershan Reddy, JJ. Appeal No: Civil Appeal No. 5433 of 2008*
Whether foreign exchange losses on account of currency translation under a Production Sharing Contract (PSC) for oil exploration are allowable as deduction under Section 42 of the Income Tax Act, 1961 --- Held Yes; Whether such translation losses are merely notional/book entries or real losses --- Held Real losses

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