https://www.taxtmi.com/caselaws?id=14487 Foreign currency deposits in wealth-tax valuation are ordinarily to be taken at the official exchange rate under section 7(1) of the Wealth-tax Act, 1957, but the assessee may show that the official rate does not reflect the realistic exchange value or was not fixed with reference to convertibility. If such evidence is produced, the valuation can be re-examined on the correct real exchange rate. The Tribunal's remand for fresh determination of the exchange rate was upheld. en-us Thu, 16 Nov 2000 00:00:00 +0530 Thu, 16 Jul 2009 11:52:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14487 Foreign currency deposits in wealth-tax valuation are ordinarily to be taken at the official exchange rate under section 7(1) of the Wealth-tax Act, 1957, but the assessee may show that the official rate does not reflect the realistic exchange value or was not fixed with reference to convertibility. If such evidence is produced, the valuation can be re-examined on the correct real exchange rate. The Tribunal's remand for fresh determination of the exchange rate was upheld. Case-Laws Wealth-tax Thu, 16 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14487