https://www.taxtmi.com/caselaws?id=128492 Section 14 of the Indian Coinage Act, 1906 requires an old monetary value in a notification or other instrument to be substituted by its exact equivalent in new coinage at the prescribed conversion rate. The rounding-off language in section 14(2) applies only when coins are actually tendered in payment or on account, and is not imported into section 14(3). Accordingly, a value expressed in annas may be converted into naye paise even if the result contains a fraction, and the fraction need not be ignored at the substitution stage. The construction requiring mandatory rounding off was rejected, and the impugned tax liability was sustained. en-us Thu, 31 Aug 1961 00:00:00 +0530 Sat, 06 Apr 2013 14:34:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=128492 Section 14 of the Indian Coinage Act, 1906 requires an old monetary value in a notification or other instrument to be substituted by its exact equivalent in new coinage at the prescribed conversion rate. The rounding-off language in section 14(2) applies only when coins are actually tendered in payment or on account, and is not imported into section 14(3). Accordingly, a value expressed in annas may be converted into naye paise even if the result contains a fraction, and the fraction need not be ignored at the substitution stage. The construction requiring mandatory rounding off was rejected, and the impugned tax liability was sustained. Case-Laws VAT and Sales Tax Thu, 31 Aug 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=128492