Supreme Court of India
Wipro Finance Ltd. v. Commissioner of Income Tax
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the headnote
Income Tax Act, 1961: s.37 – Disallowance – Loan borrowed by assessee in foreign currency for expanding its primary business of leasing and hire purchase of capital equipment to existing Indian enterprise – While repaying the loan, due to the difference of rate of foreign exchange, the assessee had to pay higher amount, resulting in loss to the appellant –Claim for deduction on account of loss of income owing to exchange fluctuation – Held: Transaction of loan was in nature of borrowing money which was necessary for carrying on its business of financing – It was the activity concerning the…
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