https://www.taxtmi.com/caselaws?id=5497 The Supreme Court upheld the quashing of the Commissioner's order challenging the taxability of amounts received by an assessee from foreign buyers. It clarified that rule 115 of the Income-tax Rules, 1962, only applies to convert foreign currency into rupees at the telegraphic transfer buying rate if the currency is held by the assessee at the end of the year. As the assessee received payments in Indian rupees for exports, the rule did not apply. The Court reinstated the validity of rule 115, ruling against the Commissioner's order under section 263. No costs were awarded in the case. en-us Thu, 11 Jan 1996 00:00:00 +0530 Tue, 25 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5497 The Supreme Court upheld the quashing of the Commissioner's order challenging the taxability of amounts received by an assessee from foreign buyers. It clarified that rule 115 of the Income-tax Rules, 1962, only applies to convert foreign currency into rupees at the telegraphic transfer buying rate if the currency is held by the assessee at the end of the year. As the assessee received payments in Indian rupees for exports, the rule did not apply. The Court reinstated the validity of rule 115, ruling against the Commissioner's order under section 263. No costs were awarded in the case. Case-Laws Income Tax Thu, 11 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5497