Supreme Court of India · 2022-04-12
WIPRO FINANCE LTD. vs THE COMMISSIONER OF INCOME TAX, BANGALORE
- Citation / case number
- SC 2008/19303
- Court
- Supreme Court of India
- Petitioner
- WIPRO FINANCE LTD.
- Respondent
- THE COMMISSIONER OF INCOME TAX, BANGALORE
- Author
- A.M. KHANWILKAR, ABHAY S. OKA, C.T. RAVIKUMAR
- Bench
- HON'BLE MR. JUSTICE A.M. KHANWILKAR, HON'BLE MR. JUSTICE ABHAY S. OKA, HON'BLE MR. JUSTICE C.T. RAVIKUMAR
Judgment text excerpt
The Supreme Court addressed the appeal of Wipro Finance Ltd. against the Karnataka High Court's decision regarding the assessment of income tax for the year 1997-1998. The appellant claimed a loss due to exchange fluctuations and sought to include a fresh claim for revenue expenses that were previously capitalized. The court upheld the Income Tax Appellate Tribunal's decision to entertain the fresh claim, referencing the precedent set in National Thermal Power Co. Ltd. v. Commissioner of Income Tax, thereby allowing the appeal.