Section 43A(1)(b) in The Income Tax Act, 1961

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Union of India - Subsection

Section 43A(1)(b) in The Income Tax Act, 1961

(b)towards repayment of the whole or a part of the moneys borrowed by him from any person, directly or indirectly, in any foreign currency specifically for the purpose of acquiring the asset alongwith interest, if any, the amount by which the liability as aforesaid is so increased or reduced during such previous year and which is taken into account at the time of making the payment, irrespective of the method of accounting adopted by the assessee, shall be added to, or, as the case may be, deducted from-

(i)the actual cost of the asset as defined in clause (1) of section 43; or

(ii)the amount of expenditure of a capital nature referred to in clause (iv) of sub-section (1) of section 35; or

(iii)the amount of expenditure of a capital nature referred to in section 35-A; or

(iv)the amount of expenditure of a capital nature referred to in clause (ix) of sub-section (1) of section 36; or

(v)the cost of acquisition of a capital asset (not being a capital asset referred to in section 50) for the purposes of section 48, and the amount arrived at after such addition or deduction shall be taken to be the actual cost of the asset or the amount of expenditure of a capital nature or, as the case may be, the cost of acquisition of the capital asset as aforesaid:

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Union of India - Subsection

Section 43A(1)(b) in The Income Tax Act, 1961