https://www.taxtmi.com/caselaws?id=268981 The Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to reevaluate the treatment of foreign income by using the average exchange rate and considering fresh evidence for exchange rates at the time of income receipt. The ITAT also ruled that the presumptive profit under section 44AD does not apply when turnover exceeds Rs. 40 lakhs and instructed the AO to assess foreign income in accordance with the Double Taxation Avoidance Agreement (DTAA) between India and Oman. The appeal of the revenue was allowed for statistical purposes, and the cross objections of the assessee were partly allowed. en-us Mon, 21 Sep 2015 00:00:00 +0530 Sat, 05 Dec 2015 11:06:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268981 The Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to reevaluate the treatment of foreign income by using the average exchange rate and considering fresh evidence for exchange rates at the time of income receipt. The ITAT also ruled that the presumptive profit under section 44AD does not apply when turnover exceeds Rs. 40 lakhs and instructed the AO to assess foreign income in accordance with the Double Taxation Avoidance Agreement (DTAA) between India and Oman. The appeal of the revenue was allowed for statistical purposes, and the cross objections of the assessee were partly allowed. Case-Laws Income Tax Mon, 21 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268981