CIT v. Woodward Governor India P. Ltd.: Tax Treatment of Forex Losses on Revenue and Capital Account

6 Pages Posted: 19 Jun 2009 Last revised: 3 Feb 2017

See all articles by Raghav Sharma

Raghav Sharma

National Law University Jodhpur (NLUJ)

Date Written: June 1, 2009

Abstract

In the case of Commissioner of Income Tax (CIT) v. Woodward Governor India P. Ltd., the Supreme Court has ruled on the tax treatment of forex losses on both the revenue and capital account transactions. This article examines the legal principles laid down in Woodward in light of the relevant provisions of the Income Tax Act, 1961, and explains its practical value for the taxpayers.

Keywords: Capital account, forex loss, Income tax, revenue account, deduction, exchange rate, Woodward

Suggested Citation

Sharma, Raghav, CIT v. Woodward Governor India P. Ltd.: Tax Treatment of Forex Losses on Revenue and Capital Account (June 1, 2009). Available at SSRN: https://ssrn.com/abstract=1422447 or http://dx.doi.org/10.2139/ssrn.1422447

Raghav Sharma (Contact Author)

National Law University Jodhpur (NLUJ) ( email )

NH-65, Nagour Road
Kamala Nehru Nagar, Jodhpur
Mandore, Jodhpur, Rajasthan 34230
India

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