Sec. 43A – SLP dismissed against HC ruling that in case of assessee availing external commercial borrowing from international financiers to produce capital assets, adjustment on account of foreign exchange rate fluctuation is required to be made to actual cost at the end of every year after amendment to Sec. 43A with effect from 1-4-2023 and gain arising on account of exchange fluctuation is not liable to tax as it is on capital account.
PCIT v. Bangalore International Airport Ltd. – [2023] 154 taxmann.com 395 (SC).