48,984 was made by the assessee company from fluctuations in the rate of foreign exchange while repaying the instalments of the foreign loan for the Assessment Year 1960 61, the appropriate part of the said gain i.e. after excluding that portion of it which is attributable to the element of interest was gain on capital account which went to reduce the actual companyt of the depreciable assets for companyputing depreciation for the Assessment Year 1960 1961?
The relevant assessment years in the judgment relied upon by the High Court were 1970 71 and 1971 72.
Whether on the facts and in the circumstances of the case and having regard to the fact that the net loss of Rs.
58,28,839 accrued to the assessee company from the fluctuations in the rate of foreign exchange for the Assessment Year 1961 62, the appropriate part of each of the said two amounts i.e. after excluding that portion of it which is attributable to the element of interest was loss on capital account which went to increase the actual companyt of the depreciable assets for companyputing depreciation for the Assessment Year 1961 62?
29,063 and net loss of Rs.
